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Ethereum Price Forecast: Ether Extends Downtrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended its downtrend against the US dollar but recovered versus bitcoin. ETH/USD's next support is at $640.00.

Key Highlights

Ether’s price declined heavily and even broke the $700.00 support zone against the US dollar.
There is a crucial bearish trendline forming with current resistance at $710.00 on the 2-hour chart ETH/USD.
ETH/BTC recovered further toward the 0.0780BTC level.

Technically, the 2-hour chart indicators started recovering from the oversold levels.

ETH/USD Could See Modest Recoveries

Yesterday, there was no major recovery in ETH/USD and the pair remained in a downtrend. It declined below the $725.00 and $700.00 support levels to register more than 20 percent losses this week.

On the flip side, ETH/BTC recovered further and traded toward the 0.0780BTC level. Above 0.0780BTC, the pair may retest the 0.0800BTC pivot level.

Ethereum Price ETH/USD Forecast

Looking at the 12-hour chart of ETH/USD, the pair declined sharply after it failed to hold an important support at $800.00. It traded well below the 50 percent Fibonacci retracement level ($772.88) of the last wave from the $564.11 low to $981.64 high. The last few candles suggest a major increase of selling pressure on Ether, and the next major support on the downside rests around $600.00.

The pair recently traded as low as $642.35, which is below the 76.4 percent Fibonacci retracement level of the last wave from the $564.11 low to $981.64 high. It means the price could retest the last low of $564.11 if sellers remain in control.

Ether Price Analysis Chart

The 2-hour chart of ETH/USD suggests that the pair has started a short-term upward correction, and there a crucial bearish trendline forming with current resistance at $720.00. A close above this resistance could start a major recovery toward $800.00.

The overall bias is bearish as long as the price is below the $800.00 pivot level.

12-hour MACD

The MACD is gaining momentum in the bearish zone.

12-hour RSI

The RSI is moving lower toward the oversold levels.

Important Support Levels

$640.00 and $620.00

Important Resistance Levels

$710.00 and $740.00

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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