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Ethereum Forecast: Ether Price at Crucial Juncture

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether moved down sharply toward $1,000.00 against the US dollar. ETH/USD must hold $1,000.00 to avoid further declines in the near term.

Key Highlights

Ether declined heavily and moved below the $1,200.00 support against the US dollar.
There was a break below a major bullish trendline with support at $1,220.00 on the 4-hour chart of ETH/USD.
ETH/BTC remained above the 0.0900BTC support since there were also declines in bitcoin price.

Technically, the 4-hour chart indicators turned lower sharply and moved into the bearish territory.

Can Ether Price Hold $1,000?

Yesterday, we saw an increase in bearish pressure on ETH/USD from the $1,380.00 swing high. The pair declined sharply during the past three sessions and failed to stay above the $1,200.00 support.

There were declines in bitcoin price versus the US dollar as well, which helped ETH/BTC in staying above the 0.0900BTC support level.

Ethereum Price ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there was a double top pattern formed around $1,400.00, which resulted in a downside push. The current move is strong, as there was a break below a major bullish trendline with support at $1,220.00.

The pair traded toward the $1,000.00 level and formed a low at $988.83. It seems like Ether’s price is currently holding the $1,000.00 support, but bearish pressure is not over yet.

Moving down to the 30-minute chart of ETH/USD, there was a recovery from the $988.83 low. However, the $1,150.00 level acted as a resistance. To the topside, there is a bearish trendline with resistance at $1,140.00. Above $1,140.00, there is a crucial horizontal resistance at $1,200.00.

Ether Price Analysis Chart

Recoveries from the current levels are likely to face many hurdles between $1,140.00 and $1,200.00. A successful close above $1,200.00 will most likely reduce bearish pressure and could place the price back in bullish zone.

The short-term trend is bearish below $1,200.00. Still, ETH/USD must hold the $1,000.00 support to avoid any further declines.

4-hour MACD

The MACD is gaining momentum in the bearish zone.

4-Hour RSI

The RSI is now well below the 50 level.

Important Support Levels

$1,000.00 and $950.00

Important Resistance Levels

$1,140.00 and $1,200.00

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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