News Ether Price Analysis - ETH/USD Remains Strong Above $48.00-47.00

Ether Price Analysis – ETH/USD Remains Strong Above $48.00-47.00

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Ether recovered well against the US Dollar, suggesting that the ETH/USD pair is well supported on the downside.

Technically, the 6-hour chart indicators are well above their mid-levels in the bullish territory.

Ether Price to Continue Consolidating?

After the recent decline in Ether price, there was a decent recovery against the US Dollar. The price found support near an important level at $47.00 and bounced.

Ether Price Technical Analysis Chart

When we look at the 2-hour chart of ETH/USD, the pair has formed a wide range pattern. On the upside, we all know how $51.00 is acting as a monster resistance and preventing further gains.

On the downside, I think there is a nice range support building near $48.00 and $47.00. Both the mentioned levels acted as a solid barrier for sellers and prevented declines on many occasions.

The most critical is $47.00 since it is the lower range support and a weekly pivot as well. At the moment, the pair is forming a short-term contracting pattern inside the range. The triangle resistance is near $49.50, and support is at $49.00.

So, we may soon witness a short-term break either towards the range resistance or support. In any case, Ether price is well-supported on the downside.

Moving on to the 6-hour chart, it looks like the $47.00 level will again serve as a crucial support level, coinciding with a bullish trend line and a horizontal pivot support.

Ethereum ETH USD Forecast

The recent decline was completely rejected around the trend line support, suggesting it’s importance. Looking at the wave count inside the range, ETH/USD likely completed 5 waves.

There is a high possibility of Ether price gaining traction soon for another upside ride in the near term. However, buyers need to crack $51.00 for sustained gains. The overall trend is bullish, and most timeframe charts points more Ether’s strength.

Disclaimer:

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 Remains Strong Above $48.00-47.00
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