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Ethereum Price Forecast: Ether Treading Water

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

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