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Ether Price Analysis
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Ethereum Price Forecast: Ether Treading Water





Ether’s price struggled to bounce back against the US dollar. ETH/USD is currently trading below $1,000.00 and it remains at a risk of further downsides.

Key Highlights

Ether is currently under pressure and is trading above the $900.00 support against the US dollar.
There is a major bearish trendline forming with resistance near $990.00 on the 2-hour chart of ETH/USD.
ETH/BTC is holding the 0.0900BTC support, which is a positive sign.

Technically, the 2-hour chart indicators are extending declines in the bearish territory.

Can Ether's Price Hold $900?

There were further declines in ETH/USD as the pair failed to recover above the $1,000.00 and $1,050.00 resistance levels. It traded toward the $900.00-920.00 support and is currently consolidating losses.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there is a clear short-term downtrend in place. The pair attempted to move back above the $1,000.00 level but failed. As a result, there was a downside reaction and the price moved below the $950.00 level.

It tested the $900.00-920.00 support area, which protected further declines. On the upside, there is a major bearish trendline forming with resistance near $990.00 on the same chart. The price has to break the $990.00 resistance and settle above $1,000.00 to move back in the bullish zone.

Should Ether fail to stay above the $900.00 level, the next target for sellers could be $850.00. Considering the 30-minute chart of ETH/USD, the pair is facing a few important resistances on the upside, starting with $950.00.

Ether Price Analysis Chart

Above $950.00, there is a bearish trendline with resistance at $960.00. However, the most significant hurdle for Ether buyers is $1,000.00.

A successful close above $1,000.00 could push the price toward the $1,080.00 level, followed by $1,100.00. The short-term technical bias is still bearish, given that in the 30-minute chart, Ether’s price continues moving down around a bearish 20 simple moving average.

Overall, ETH/USD can still trade lower toward or below $900.00 until there is a break above the $990.00 resistance.

Important Resistance Levels

$1,000.00 and $1,080.00

Important Support Levels

$900.00 and $850.00

30-minute RSI

The RSI is currently around 30 with a few positive signs of a recovery.

30-minute MACD

The MACD is gaining momentum in 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. 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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