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Ether Price Analysis
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Ethereum Price Forecast: Ether Sees Further Declines





Ether is under bearish pressure versus the US dollar and bitcoin. ETH/USD is trading below $850.00 and it must stay above the $780.00-800.00 support to avoid continued losses.

Key Highlights

Ether’s price declined further and traded below the $800.00 level against the US dollar.
There is a crucial bearish trendline forming with resistance at $850.00 on the 2-hour chart of ETH/USD.
ETH/BTC is consolidating losses around the 0.0800BTC pivot level.

Technically, the 2-hour chart indicators are pointing towards neutral momentum.

What’s Next for ETH/USD?

Yesterday, we saw a key support break in ETH/USD as the pair declined below $900.00, and then continued on to break the next major support at $850.00.

Ethereum Price ETH/USD Forecast

On the other hand, ETH/BTC started consolidating losses around the 0.0800BTC level. It may correct higher in the near term with resistances at 0.0850BTC and 0.0880BTC.

Looking at the 2-hour chart of ETH/USD, there was a tiny correction initiated from the $825.00 level. However, the upside move was limited as the pair failed to break $860.00 and a crucial bearish trendline with current resistance at $850.00.

The pair declined past the last low of $825.00 and even broke the $800.00 support, trading as low as $794.30. There is a major support on the downside near $780.00. Therefore, the price could possibly start to consolidate around the $780.00 and $800.00 levels.

However, ETH/USD must move above the $850.00 level to recover and get back into the bullish zone. Looking at the 30-minute chart of ETH/USD, there are two bearish trendlines forming with resistance at $810.00 and $860.00.

Ether Price Analysis Chart

In the short term, the price may perhaps retest the $850.00-860.00 resistance zone. Above $860.00, the price should trade back toward the $900.00.

On the downside, the recent low of $794.30 is a short-term support. The most important support sits at $780.00, which has prevented declines on many previous occasions. Therefore, ETH/USD must stay above the mentioned $780.00 level to avoid further declines in the near term.

Important Resistance Levels

$850.00 and $860.00

Important Support Levels

$800.00 and $780.00

2-hour RSI

The RSI has reached the extreme oversold levels.

2-hour MACD

The MACD is gaining strength 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. 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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