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Ether failed completely near $51.00 against the US Dollar and declined. Can the recent move in ETH/USD be considered as a correction?

Technically, the hourly chart indicators moved heavily into the bearish territory, and struggling to recover.

Ether Price Still Remains Supported?

Yesterday, we saw how Ether price was approaching towards a crucial break above $51.00 against the US Dollar. Unfortunately, sellers had the upper hand, as ETH/USD failed to settle above that mark.

As a result, there was a sharp downside move. The pair failed to hold the 50% Fibonacci retracement level of the last wave up from $47.95 to $51.02, and yesterday’s highlighted bullish trend line with support at $50.50. ETH/USD even broke the last swing low at $47.95 to form a new low at $46.75.

There was a proper test of the 1.236 extension of the last wave up from $47.95 to $51.02. Later, the price formed a base, and started a correction. It moved above the $48.00 resistance and broke the 23.6% Fibonacci retracement level of the last decline from $51.02 to $46.75.

It looks like the correction may end soon, as the price is currently facing a bearish trend line on the hourly chart at $49.20. The same area also represents the 50% Fibonacci retracement level of the last decline from $51.02 to $46.75.

Ethereum ETH USD Forecast Chart

On a positive note, ETH/USD was able to hold a major bullish trend line on the 4-hour chart around $47.00. The current bounce is convincing, but the pair needs to gain momentum for a move towards $50.00. Otherwise, there is a risk a break below the trend line support.

Overall, it is not easy for Ether price to clear $51.00, but as long as it holds $47.00 and $45.00, there are chances of further gains.

Disclaimer:

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