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Ethereum Price Forecast: ETH/USD Declines below Crucial Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failed to move higher and declined sharply against the US dollar and bitcoin. ETH/USD broke a crucial support at $750.00 and it remains at a risk of more losses.

Key Highlights

Ether broke a crucial support area near $750.00 to set the pace for more declines against the US dollar.
The next major support on the downside is the $650.00 on the daily chart of ETH/USD.
ETH/BTC also declined and moved below the 0.1050BTC and 0.1000BTC support levels.

Technically, the daily chart indicators are extending declines in the bearish territory.

Could Ether's Price Decline Further?

In the weekly forecast, we discussed a double bottom pattern near $750.00 in ETH/USD. The pair failed to move higher, started a downward move, and broke the $750.00 support.

Similarly, ETH/BTC faced an increase in selling interest and declined below the 0.1050BTC and 0.1000BTC support levels. The next major support sits at 0.0950BTC, followed by 0.0920BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair is under a lot of pressure and is currently following a bearish trendline with resistance at $775.00.

An immediate support sits at $700.00 and the pair has to break the bearish trendline to move toward $800.00. An hourly close above this point could initiate a fresh recovery for Ether.

Let’s look at the daily chart of ETH/USD to find out the next major supports. The chart suggests that the $750.00 support is significant. Should there be a daily close below $750.00, the pair could decline below $700.00.

Ethereum Price ETH/USD Forecast

The next major support is at $650.00. However, the most important and crucial pivot region is at $500.00. In the short term, there could be further slides in Ether’s price as long as it continues to hover below $800.00 and $850.00.

Even with current market conditions, a daily close above $750.00 could initiate a decent recovery for ETH/USD.

Important Resistance Levels

$800.00 and $850.00

Important Support Levels

$700.00 and $650.00

Daily RSI

The RSI is heading lower and is currently well below 40.

Daily 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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.