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Ether Price Analysis – ETH/USD Closing In On Range Support

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Ether failed to continue with the recovery against the US Dollar in the short term, and now ETH/USD is testing a crucial range support.

Technically, the 30-min chart indicators are sharply moving lower in the bearish territory.

Ether Price to Bounce from Support?

In yesterday’s analysis, we saw a short-term contracting pattern on the 2-hour chart of ETH/USD, and were looking for a break either towards the range resistance or support.

Ethereum ETH USD Forecast

The pair moved down, broke the triangle support at $49.00, opening the doors for a move towards the range support at $48.00. It has already tested the $48.00 support once and failed to break it. The current H2 candle is positive, suggesting the price may recover in the near term.

 A break below $48.00 could lead to further declines, testing the lower end of the range support around $47.00. It is a crucial support and may play a key role for Ether price.

On the upside, an initial resistance is now at $49.00. It also represents the 50% Fibonacci retracement level of the last drop from the $50.05 high to the recent low near $48.00.  Above $49, the next hurdle is around the $50.00 handle.

 A bounce from the range support could signal an attempt to challenge the all-important $50.00 range resistance.

Ether Price Technical Analysis Chart

Looking at the 30-min chart of ETH/USD, the pair is following a declining path with two bearish trend lines and resistances at $48.50 and $48.65.

At the moment, the pair is attempting a recovery from the $48.00 support. A break above these trend lines is needed for a sustained move towards $49.00 and $50.00. In my view, we can see a minor downside push one more time before Ether price recovers.

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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Ether Price Analysis - ETH/USD Closing In On Range Support
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