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Ethereum Price Forecast: Ether in Downtrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains in a downtrend against the US dollar and bitcoin. ETH/USD could correct a few points in the short term, but upsides are likely to be capped.

Key Highlights

Ether’s price fell further and settled below a crucial support at $780.00 against the US dollar.
There is a short-term contracting triangle forming with resistance at $770.00 on the 30-minute chart ETH/USD.
ETH/BTC recovered a few points and moved back above the 0.0750BTC level.

Technically, the 2-hour chart indicators are showing no signs of a recovery from the bearish territory.

ETH/USD to Decline Further?

The past three sessions were extremely bearish as ETH/USD failed to stay above a crucial support at $780.00. The pair extended declines below $750.00 and tested the $725.00 zone.

On the other hand, ETH/BTC completed a correction wave and started a recovery. It is currently trading above 0.0750BTC, with next resistances on the upside at 0.0780BTC and 0.0800BTC.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there was a major decline from the $870.00 swing high. The pair fell sharply and broke many key supports - $850.00, $800.00, $780.00, and $750.00.

A low was formed at $726.37 and it seems like the current downtrend is not over yet. The pair is currently correcting higher with an initial resistance on the upside around the 23.6 percent Fibonacci retracement level of the last decline from the $880.32 high to $726.37 low.

To the topside, there is a key bearish trendline forming on the same chart with resistance at $775.00. Moreover, a rising channel is forming with support near $740.00. If the pair fails to hold the $740.00 support, it could retest the recent $726.37 low.

Ether Price Analysis Chart

Below $726.37, the pair may perhaps target $700.00. Looking at the 30-minute chart, there is a short-term contracting triangle forming with resistance at $770.00.

Ether may trade in the $740.00-770.00 range before the next move. A run above $770.00-775.00 could propel ETH/USD back toward the $800.00 mark. On the other hand, a sustained decline below $740.00 could continue the current downtrend.

2-hour MACD

The MACD is showing no signs of a recovery.

2-hour RSI

The RSI is currently near extreme oversold levels.

Important Support Levels

$740.00 and $725.00

Important Resistance Levels

$770.00 and $800.00

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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