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Ethereum Price Forecast: Ether Turned Short-Term Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing short-term bearish signs below $840.00 against the US dollar. ETH/USD could decline further toward the $800.00 support.

Key Highlights

Ether’s price recovery was limited as there was a new downward wave initiated below $840.00 against the US dollar.
There is a bearish trendline forming with resistance at $845.00 on the 30-minute chart of ETH/USD.
ETH/BTC is slowly moving higher, mostly in range above the 0.0750BTC level.

Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.

ETH/USD to Retest $800?

Yesterday, ETH/USD saw a range pattern with support at $860.00 and resistance near $870.00. The pair failed to hold the support and started a new downturn.

Moreover, there was no decrease in bearish pressure on ETH/BTC. The pair continued to consolidate losses above the 0.0750BTC level and is currently preparing for the next wave.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there was a crucial failure to move above a bearish trendline with current resistance near $862.00. It resulted in a sharp decline that pushed the price below the $860.00 support.

More importantly, there was a break below the last swing low and support at $840.00. The pair accelerated declines and traded close to the $820.00 level. A low was formed today at $822.78 and it seems like the price could correct a few points upward in the short term.

There is an initial resistance around the 23.6 percent Fibonacci retracement level of the last decline from the $868.59 high to $822.78 low. However, the most important resistance is near $840.00, which was a support yesterday.

Ether Price Analysis Chart

Moving down to the 30-minute chart, there is a clear downtrend visible in ETH/USD from the $870.00 resistance, and there is a bearish trendline forming with resistances at $840.00 and $845.00.

Therefore, if Ether starts an upward correction, the $840.00 and $845.00 levels are key. On the downside, the recent swing low of $822.00 is a short-term support, a close below which may push the price toward $800.00.

Important Support Levels

$822.00 and $800.00

Important Resistance Levels

$840.00 and $845.00

2-hour RSI

The RSI is now well below the 40 level.

2-hour MACD

The MACD is gaining momentum 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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