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Ether Price Analysis
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Ethereum Price Weekly Forecast: Ether’s Macro Picture





Ether is showing a few bearish signs against the US dollar and bitcoin. ETH/USD could correct lower toward an important support at $780.00.

Key Highlights

Ether is losing bullish momentum after failure to break $875.00 against the US dollar.
There is a declining channel forming with support at $820.00 on the 2-hour chart ETH/USD.
An increase in bearish pressure on ETH/BTC is impacting ETH/USD as well.

Technically, the 12-hour chart indicators are showing bearish signs.

ETH/USD Could Retest $780

This past week was mostly choppy with consolidation and ranging moves in ETH/USD. More notably, a lack of an upside above the 875.00 resistance resulted in a downward push.

There was bearish sentiment in ETH/BTC over the past few days. The pair broke two important support levels – 0.0850BTC and 0.0800BTC, and currently trades around the 0.0750BTC level.

Ethereum Price ETH/USD Forecast

Starting with the 12-hour chart of ETH/USD, a decent bullish candle formed around the $780.00 support. The pair started a fresh upward wave and traded close to the $900.00 resistance. It failed to gain momentum above $900.00 and started a new downward correction.

There is a crucial bearish trendline forming with current resistance at $860.00. The stated trendline acted as a hurdle on many occasions and prevented an upside break.

It seems like the pair may perhaps continue to trade lower and could retest the all-important $780.00 support region, which will most likely act as a strong buy zone.

Looking at the 2-hour chart, there is a declining channel forming with support at $820.00. The pair was rejected many times around the channel resistance, recently breaking a connecting bullish trendline with support at $860.00.

Ether Price Weekly Analysis Chart

Current price action suggests an extension of the current downward correction toward the next support at $820.00. Below the mentioned $820.00, the pair may retest the $780.00 support.

As the current downward correction is completed, either near $820.00 or $780.00, Ether’s price could resume its upward move.

Weekly Resistance Levels

$865.00 and $910.00

Weekly Support Levels

$820.00 and $780.00

12-hour RSI

The RSI has just moved below the 50 level.

12-hour MACD

The MACD is slowly moving 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

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