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ETH/USD Forecast: Risks Extending Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether had failed to hold the trend, as the ETH/USD pair tumbled below $18.20, signaling an extended correction pattern with caution.

Key Highlights

Ether price extended the downside against the US Dollar and traded below $18.00.
The ETH/USD pair tested the $17.40 support before initiating a recovery.
The recent downside is signaling caution, as the price failed to respect the $18.20-18.00 support.

Technically, the hourly chart indicators turned sharply in the bearish territory, and later recovered.

Ether Price Signaling a Top?

Yesterday, we saw how there was a fresh correction wave initiated in Ether price versus the US Dollar. The price was looking to correct further lower due to a failure to settle above $20.00.

Ether Price Analysis Chart

The ETH/USD pair fell recently, and broke a couple of important support levels to surprise traders. It first cleared a bullish trend line at $19.50 on the hourly chart. Second, it was looking to form support near $18.50, but failed and moved down.

Finally, the price also cracked the all-important $18.20-18.00 support area, which opened the doors for more declines. A new weekly low was formed at $17.41 before the price started a recovery.

The price has recovered well so far, but faced resistances on the upside. The broken support at $18.50-18.60 may now prevent gains. There is also a bearish trend line around the same area to increase pressure. Furthermore, the 38.2% Fibonacci retracement level of the last decline from the $20.09 high to $17.41 low is also positioned near $18.50.

So, as long as the price is below the trend line resistance at $18.60, there are chances of another dip to complete the current correction pattern.

Ethereum ETH/USD Forecast

The 4-hour chart also suggests the importance of the $18.60 resistance, as there is a bearish trend line aligned on the upside.

In my view, the price needs to close back above $18.60 in order to overcome the current bearish pressure. A failure could signal another downwards push. The recent downside is not a trend change for Ether, but it is certainly a short-term top formation.

Important Resistance Levels

$18.60 and $19.20

Important Support Levels

$18.00 and $17.40

Hourly RSI

The RSI technical has recovered from the oversold levels, but still below the 50 level.

Hourly MACD

The MACD moved sharply into the bearish zone, and now recovering.

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

ETHNews is commited to its Editorial Policy

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