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Ether Price Analysis
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Ethereum Price Forecast: Ether Slides Further





Ether continued to decline into the bearish zone against the US dollar and bitcoin. ETH/USD even broke the $800.00 support, and may continue this trend.

Key Highlights

Ether’s price failed to hold an important support at $820.00-822.00 and declined further against the US dollar.
There is a crucial resistance region forming near $810.00 and $825.00 on the 2-hour chart ETH/USD.
ETH/BTC broke the 0.0750BTC support and it could extend declines toward 0.0720BTC.

Technically, the 6-hour chart indicators are extending losses in the bearish territory.

ETH/USD is Forming Bearish Structure

Yesterday, a new downward wave initiated with support near $822.00 in ETH/USD. The pair was not able to correct higher but, instead, dropped below this support.

Similarly, there was an increase in bearish pressure on ETH/BTC. The pair declined below a major support at 0.0750BTC and could now test the next support at 0.0720BTC.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the last downward wave completed near $780.00. The pair started the second wave and moved above the 23.6 percent Fibonacci retracement level of the last drop from the $981.64 high to $788.16 low.

However, the bullish wave faced sellers near a bearish trendline with resistance at $850.00. Moreover, the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $788.16 low prevented gains above $880.00-890.00.

As a result, a third wave got triggered and the pair declined past the $800.00 level, even breaking below the last low of $788.16, which means the price may extend declines.

This current wave could complete between $750.00 and $770.00 before Ether starts a substantial recovery. However, if the price closes above $780.00 today, we may see a comeback.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, there is a crucial resistance region forming near $810.00 and $825.00. Should the pair begin an upward correction, it will most likely face sellers near $825.00.

The overall market sentiment is negative as long as Ether’s price is below $800.00. A recovery above $825.00 may perhaps reduce the bearish pressure in the near term.

Important Resistance Levels

$810.00 and $825.00

Important Support Levels

$770.00 and $750.00

6-hour RSI

The RSI is currently around the 35 level with negative signs.

6-hour MACD

The MACD is placed strongly 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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