Key Highlights
Ether price struggle to clear the $45 resistance against the US Dollar created a short-term bearish structure.
There are two bearish trend lines near $44 and $45 on the 2-hour chart of ETH/USD, acting as a major resistance.
The 30-min chart suggests that the pair broke a major support at $42, and might move down further.

Technically, the 2-hour chart are slowly moving down and losing their way in the bullish territory.

Ether Price Preparing for Downside Move?

In yesterday’s analysis, we discussed the importance of $45-46 resistance area. It represents a major technical level for Ether price, and it looks like ETH/USD struggled one more time to clear the stated level.

Ether Price Analysis Chart

Due to the failure to break $45, the pair moved down and broke a major support area near $42. There was a breakout pattern formed on the 30-min chart with support at $42 and resistance near $42.8.

The pair moved down, and broke the triangle support area, igniting a bearish wave. The most important move was below the 23.6% Fibonacci retracement level of the last wave from the $31.26 low to $45.73 high. It means the price may extend declines.

The next stop could be around $40, which is just above the 38.2% Fibonacci retracement level of the last wave from the $31.26 low to $45.73 high. When we look at the 2-hour chart of ETH/USD, the pair has a clear resistance near $42.5.

Ethereum ETH/USD Forecast

The mentioned resistance is formed near two bearish trend lines. Ether price is currently attempting to settle below the $42 support area, and if there is a proper close below the highlighted support (green line), there can be a move towards $40.

If Ether sellers step in, there is even a possibility of ETH/USD extending declines below $40.0. On the upside, an initial resistance is near $42.5, and the most critical hurdle is at $45 (last swing high).

Important Resistance Levels

$42.5 and $45.00

Important Support Levels

$40.00 and $38.00

30-min RSI

The RSI technical is now well below the 50 level and heading south.

30-min MACD

The MACD has moved in the bearish zone, signaling a negative bias.
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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.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
03-23-2017 ETH/USD Forecast: Indecision Time For Ether
03-22-2017 ETH/USD Could Extend Weakness Below $40
03-21-2017 ETH/USD Forecast: Struggling To Gain Momentum
   

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