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Ethereum Price Forecast: Ether’s Next Leg Underway

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing mixed results this morning against the US dollar and bitcoin. ETH/USD breached the $520.00 support and it could decline further.

Key Highlights

Ether’s price has been pinballing since it's fall from well above $550.00 against the US dollar.
ETH/USD failed to break a crucial bearish trendline with current resistance at $570.00 on the 6-hour chart.
ETH/BTC cleared the 0.0620BTC support but the 0.0600BTC support is still intact.

Technically, the 6-hour chart indicators are declining sharply in the bearish territory.

ETH/USD Remains at Risk of More Declines

Yesterday, we discussed how ETH/USD broke a significant support at $550.00 and started a fresh downward wave. The pair declined further, struggling to hold the $515.00 support level.

Similarly, ETH/BTC remains in a bearish trend and it failed to hold the 0.0620BTC support. The current trend may accelerate and the pair could even break the 0.0600BTC support.

Ethereum Price ETH/USD Forecast

The 6-hour chart of ETH/USD suggests that the pair struggled to surpass a crucial bearish trendline with current resistance at $570.00. As a result, there was a downward reaction and the price broke a connecting bullish trendline at $580.00.

It seems like the pair is under a lot of pressure and is trying to avoid a retest of the last swing low of $454.86. A daily close below $500.00 would increase bearish pressure on Ether.

Looking at the 2-hour chart of ETH/USD, the pair is attempting a close below a major support at $515.00. Should there be a 2-hour close below this level, Ether’s price will most likely pierce the $500.00.

Ether Price Analysis Chart

There was also a break below the 50 percent Fibonacci retracement level of the last wave from the $454.86 low to $590.15 high. Overall, the current price action is increasingly bearish below the $550.00 pivot level.

On the upside, an initial resistance sits at $530.00, above which, there is a bearish trendline with resistance at $550.00. To sum up, Ether’s price is at risk of more declines unless buyers succeed in pushing ETH/USD back above the $550.00 level. 

Important Resistance Levels

$530.00 and $550.00

Important Support Levels

$500.00 and $450.00

6-hour RSI

The RSI broke is now well below the 40 level and heading lower.

6-hour MACD

The MACD is gaining pace 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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