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Ether Price Analysis
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Ethereum Price Forecast: Ether in Short-term Downtrend





Ether extended declines below $1,100.00 against the US dollar while gaining further versus bitcoin. ETH/USD is currently showing signs of short-term weakness.

Key Highlights

Ether failed to hold important supports and traded toward the $1,000.00 level against the US dollar.
ETH/USD broke a crucial bullish trendline with support at $1,100.00 on the 4-hour chart.
ETH/BTC climbed higher since bitcoin price was pressured recently.

Technically, the 4-hour chart indicators moved into the bearish territory, signaling an increase in selling pressure.

Can Ether's Price Hold $1,000?

Yesterday, we saw the start of a downside wave in ETH/USD with an important support near $1,080.00-1,100.00. The pair failed to stay above the mentioned support and declined toward the $1,000.00 level.

In contrast, ETH/BTC extended gains and broke the 0.1080BTC resistance to trade above 0.1100BTC. It seems like bitcoin price is under pressure versus the US dollar, helping ETH/BTC in gaining bullish traction.

Ethereum Price ETH/USD Forecast

Looking at the hourly chart of ETH/USD, the pair declined sharply and traded as low as $1,020.73. Later, it started an upside correction and broke a connecting bearish trendline with resistance at $1,070.00.

However, there are many hurdles on the upside such as $1,120.00 and $1,150.00. An intermediate resistance is around $1,130.00 and the 50 percent Fibonacci retracement level of the recent decline from the $1,238.92 high to $1,020.73 low.

On the downside, there is a short-term bullish trendline forming with support at $1,090.00. An hourly close below the mentioned $1,090.00 support could trigger a fresh downside wave.

Ethereum Price ETH/USD

Moving up to the 4-hour chart of ETH/USD, there is a clear downside break below a crucial bullish trendline with support at $1,100.00. The pair is currently moving higher, but it could face a significant resistance near $1,120.00 and a bearish trendline on the same chart.

To sum up, it seems like the recent break may perhaps pressurize Ether’s price in the short term. However, there is a key support on the downside around $1,000.00, which will most likely act as a barrier to further declines. As long as ETH/USD is above $1,000.00, it may consolidate and then recover.

Important Resistance Levels

$1,120.00 and $1,150.00

Important Support Levels

$1,020.00 and $1,000.00

4-hour RSI

The RSI is moving up toward the 50 level.

4-hour MACD

The MACD is currently in the bearish zone, but with a lack of momentum.

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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