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Ethereum Price Forecast: Ether Trend Negative

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether struggling against the US dollar. ETH/USD is currently forming a decent support but it is facing many challenges and hurdles on the upside.

Key Highlights

Ether fell sharply and declined below a key support at $640.00 against the US dollar.
There was a break below a crucial contracting triangle with support at $690.00 on the 6-hour chart ETH/USD.
ETH/BTC is showing a few bearish signs and it may test the 0.0720BTC support.

Technically, the 6-hour chart indicators have reached extremely oversold levels.

Can ETH/USD Move Past $650?

Yesterday, we saw an increase in bearish pressure on ETH/USD. The pair failed to hold a key support at $640.00 and even declined below the $600.00 handle before finding bids near $575.00.

ETH/BTC seems to be under a minor selling pressure below 0.0750BTC. It may move down toward the 0.0720BTC level, which is an important support.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, there was a bearish break below a crucial contracting triangle with support at $690.00. It opened the doors for more declines and the pair fell below the $640.00 and $600.00 support levels.

It traded as low as $572.29 and is currently correcting higher. The current 6-hour candle is positive, but the pair is facing a lot of resistance. First, the 23.6 percent Fibonacci retracement level of the last decline from the $894.91 high to $572.29 low.

Second, the broken support at $640.00-650.00 will most likely act as a significant barrier. The third resistance on the 2-hour chart of ETH/USD sits at $675.00, which was also a support earlier.

Ether Price Analysis Chart

The last resistance is the 50 percent Fibonacci retracement level of the last decline from the $894.91 high to $572.29 low around $730.00. On the downside, the recent low of $572.29 seems to be a short-term bottom.

A break below the $575.00 support zone could push Ether’s price toward the next major support at $540.00. The overall market sentiment is currently bearish until ETH/USD surpasses the $650.00 resistance.

Important Resistance Levels

$650.00 and $675.00

Important Support Levels

$575.00 and $540.00

6-hour RSI

The RSI is slowly recovering from the oversold levels.

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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