ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Friday Apr 20th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Ethereum Price Weekly Forecast: Ether Broke Significant Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether fell sharply below key supports against the US dollar and bitcoin. ETH/USD is now in a bearish trend with supports at $500.00 and $475.00.

Key Highlights

Ether could not hold a significant support at $550.00-580.00 and declined sharply against the US dollar.
There is a crucial bearish trendline with resistance near $640.00 on the daily chart ETH/USD.
ETH/BTC fell and broke the 0.0720BTC and 0.0700BTC support levels.

Technically, the daily chart indicators are about to reach oversold levels in the bearish territory.

ETH/USD Extended Decline

There was a solid increase in selling pressure on ETH/USD as it broke a couple of important support levels at $600.00, $580.00 and $550.00.

Similarly, ETH/BTC extended declines and it failed to hold a key support at 0.0700BTC. It is currently in a bearish zone and it may continue to decline toward the 0.0650BTC support.

Ethereum Price ETH/USD Weekly Forecast

Let’s look at the daily chart of ETH/USD to understand the current price action below the $750.00 pivot level. During February 2018, there was a recovery initiated from the $560.00 swing low. The pair corrected higher, peaking above the $900.00 level.

However, the pair could not hold gains and failed to break a crucial bearish trendline with current resistance near $640.00. A fresh downside wave started and the price broke the 50 percent Fibonacci retracement level of the last leg from the $564.10 low to $981.64 high.

Sellers took control and the price even broke the $564.10 low. Ether’s price settled below a significant support at $540.00-580.00, and the current decline could extend toward the 1.236 Fibonacci extension of the last leg from the $564.10 low to $981.64 high at $465.00.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair is under a lot of bearish pressure with an immediate support at $500.00-510.00. On the upside, the broken support at $570.00 and a bearish trendline with resistance at $565.00 are likely to prevent recoveries in the near term.

Overall, the current bias is bearish with resistances on the upside at $570.00 and $640.00. An important support is at $500.00, with a break below this last could push the price toward $475.00.

Daily MACD

The MACD is gaining momentum in the bearish zone.

Daily RSI

The RSI is moving south toward the oversold levels.

Weekly Support Levels

$500.00 and $475.00

Weekly Resistance Levels

$570.00 and $640.00

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

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Analysis and Ethereum Analysis News.

Disclaimer
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.