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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. 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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