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Ethereum Forecast: Ether Price Breaks Key Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether fell sharply below a key support at $1,000.00 against the US dollar. ETH/USD is now in a short-term downtrend with resistances at $1,000.00 and $1,050.00.

Key Highlights

Ether declined heavily and moved below a major support at $1,000.00 against the US dollar.
ETH/USD traded below two important bullish trendlines with supports at $1,250.00 and $1,100.00 on the 12-hour chart.
ETH/BTC also declined and traded below the 0.0900BTC support.

Technically, the 12-hour chart indicators moved into the bearish territory, which is a negative signal for buyers.

Ether Price Decline Gains Pace

The past few sessions were very bearish for ETH/USD as the pair broke a major support at $1,000.00, which has opened the doors for further declines in the near term.

ETH/BTC also declined and broke the 0.0900BTC support. However, the downside move was limited since bitcoin price fell below $10,000.00 versus the US dollar.

Ethereum Price ETH/USD Forecast

Starting with the 12-hour chart of ETH/USD, there was a break below two important bullish trendlines with supports at $1,250.00 and $1,100.00. It seems like there was a major top formed around $1,400.00 and the pair could continue to move down.

It has already breached the 50 percent Fibonacci retracement level of the last wave from the $487.64 low to $1,422.48 high. It means the price is likely to extend declines below $900.00. On the downside, there are two major supports – $840.00 and $750.00.

Both $840.00 and $750.00 were resistances earlier and now they possibly will prevent losses. The mentioned $840.00 support is close to the 61.8 percent Fibonacci retracement level of the last wave from the $487.64 low to $1,422.48 high.

Therefore, a daily close below $840.00 would further accelerate downsides in Ether’s price. The next stop for sellers is $750.00.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, the broken support at $1,000.00 is likely to act as a resistance on the upside. There are also two bearish trendlines positioned at $1,050.00 to prevent gains.

To sum up, the current price action is bearish below $1,000.00. The main supports to watch are $840.00 and $750.00.

Important Resistance Levels

$1,000.00 and $1,050.00

Important Support Levels

$840.00 and $750.00

12-Hour RSI

The RSI broke the 50 level and is heading lower.

12-hour MACD

The MACD has moved into the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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