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Ethereum Price Forecast: Ether Rolling Back Progress

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing a few short-term bearish signs against the US dollar and bitcoin. ETH/USD could decline further toward the $515.00 support.

Key Highlights

Ether’s price declined recently as it failed to hold the $555.00 and $550.00 supports against the US dollar.
There was a break below a key bullish trendline with support at $555.00 on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to correct higher and remains at risk of more declines.

Technically, the 30-minute chart indicators are moving lower in the bearish territory.

ETH/USD is Seeing Declines

There was a fresh downward wave initiated in ETH/USD from the $590.15 swing high. The pair traded lower and broke two key support levels near $555.00 and $550.00.

ETH/BTC continues to flirt with the 0.0610BTC support. The pair remains at a risk of more declines if it fails to hold the 0.0610BTC and 0.0600BTC levels.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there was a short-term top formed at the $590.15 high. The pair failed to break a significant bearish trendline with current resistance at $580.00 and started a downward wave.

During the decline, the pair broke a key bullish trendline and a horizontal support at $555.00. Furthermore, there was a break below the 23.6 percent Fibonacci retracement level of the last wave from the $454.86 low to $590.15 high.

The next support is at $515.00, which is close to the 50 percent Fibonacci retracement level of the last wave from the $454.86 low to $590.15 high.

Ether Price Analysis Chart

Dropping down to the 30-minute chart, ETH/USD started a three wave decline from the $590.15 high. It broke a connecting bullish trendline at $560.00 and is currently following a declining channel. It seems like the price may continue falling to complete the current third wave near $515.00-520.00.

To sum up, the current decline could complete either near $520.00 or $515.00 before the price bounces back. On the upside, resistances are at $550.00, $570.00, and $580.00 (2-hour bearish trendline).

2-hour MACD

The MACD has moved into the bearish zone.

2-hour RSI

The RSI broke the 50 level recently and heading south.

Important Support Levels

$520.00 and $515.00

Important Resistance Levels

$550.00 and $580.00

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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