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Ethereum Price Forecast: Ether Slides Below Key Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether declined below a key support against the US dollar whereas it moved higher versus bitcoin. ETH/USD is currently under pressure below the $1,050.00 level.

Key Highlights

Ether failed to hold the $1,050.00 and $1,000.00 support levels and declined against the US dollar.
ETH/USD broke a crucial ascending channel support at $1,050.00 on the 2-hour chart of ETH/USD.
ETH/BTC was stable with bullish moves above the 0.0900BTC level.

Technically, the 2-hour chart indicators turned lower and moved into the bearish territory.

ETH/USD At A Crossroads

It seems like ETH/USD started this week on a bearish note and broke a few key support levels. The pair failed to move past $1,100.00 and initiated a fresh downside wave.

Bitcoin's price also declined sharply versus the US dollar, resulting in an upside push in ETH/BTC. The pair moved above the 0.0900BTC resistance and is currently trading above the 0.0920BTC level.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair started a new bearish wave from well above $1,100.00 and broke a crucial ascending channel support at $1,050.00.

The channel break suggests that Ether’s price is under pressure and it could decline further below $1,000.00 in the near term. The next major support sits at $850.00, followed by the last swing low above $750.00.

Dropping down to the 30-minute chart of ETH/USD, there is a short-term negative bias forming below $1,050.00. The pair broke a contracting triangle at $1,060.00 and a horizontal support at $1,015.00. Both the mentioned broken supports are now likely to act as resistances.

Ether Price Analysis Chart

To the topside, there is a major bearish trendline with current resistance at $1,065.00. A successful close above $1,050.00 and $1,065.00 is required to eliminate the existing bearish pressure.

Should the current selling pressure remains intact, ETH/USD could extend declines toward $920.00.

Important Resistance Levels

$1,050.00 and $1,065.00

Important Support Levels

$920.00 and $850.00

2-hour RSI

The RSI is now below the 50 level and is heading south.

2-hour MACD

The MACD has moved from the bullish to 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. 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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