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Ethereum Price Forecast: Ether Bearish In Short Term

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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.