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Ether Price Analysis
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Ethereum Price Forecast: Ether Bearish In Short Term





Ether is under pressure versus the US dollar and bitcoin. ETH/USD traded below a crucial support level and moved into a bearish region.

Key Highlights

Ether started a fresh dip and declined below a major support at $910.00 against the US dollar.
There are two bearish trendlines forming with resistance at $890.00 and $905.00 on the 30-minute chart of ETH/USD.
ETH/BTC tested the 0.0800BTC support area and is currently consolidating losses.

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

What’s Next for ETH/USD?

In the last few analyses, we discussed the importance of the $900.00-910.00 support for ETH/USD. The pair failed to hold this level and declined toward $860.00.

Moreover, ETH/BTC extended declines and tested the 0.0800BTC support area. It's currently trading around 0.0800BTC and consolidating losses.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there was a clear break below a crucial support area near $910.00. Frist, the pair broke a connecting bullish trendline at $928.00, and then it broke the stated $910.00 support.

The downturn was substantial as the pair traded close to the $860.00 level. A low was formed at $861.20 before the price started consolidating losses. The recent break could increase short-term bearish pressure on Ether as long as the price is below $910.00.

Moving down to the 30-minute chart of ETH/USD, the pair is forming a correction pattern above $860.00. On the upside, there are two bearish trendlines forming with resistance at $890.00 and $905.00.

The second bearish trendline is significant since it is near the $910.00 pivot. Should Ether’s price correct higher from the current levels, it could face a strong resistance at $905.00-910.00.

Ether Price Analysis Chart

A successful 2-hour close above $910.00 is required for the price to move back into bullish territory. Conversely, a downward break below $860.00 could lead to an extended correction toward the $800.00 support region.

Overall, the current price action is short-term bearish with supports at $840.00, $825.00, and $800.00.

Important Resistance Levels

$890.00 and $910.00

Important Support Levels

$840.00 and $800.00

2-hour RSI

The RSI is currently below 40 and is moving south.

2-hour MACD

The MACD has moved sharply into 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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