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Ethereum Price Forecast: Ether Dips Below Key Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether dipped below a key support at $510.00 against the US dollar. ETH/USD remains in a bearish zone with resistances near $515.00 and $525.00.

Key Highlights

Ether’s price failed to hold the $510.00 and $500.00 support levels against the US dollar.
A significant bearish trendline with current resistance at $515.00 is intact on the 2-hour chart of ETH/USD.
ETH/BTC is holding the 0.0600BTC support, which is a positive sign.

Technically, the 2-hour chart indicators are gaining downward momentum in the bearish territory.

ETH/USD Could Retest $475

In the weekly analysis, we discussed the importance of the $500.00 support in ETH/USD. The pair failed to hold this level and declined further.

On a positive note, ETH/BTC is still holding the 0.0600BTC support. Should the pair close below 0.0600BTC, the price could accelerate declines in the short term.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a clear bearish break below a horizontal support at $518.00. As a result, there was a sharp drop and the price broke the $510.00 and $500.00 levels.

A new weekly low was formed at $477.31 before buyers appeared. The last three 30-minute candles are pointing to signs of a recovery. However, there are many hurdles, such as $500.00 and $510.00.

Moving up to the 2-hour chart, it seems like ETH/USD failed to break a significant bearish trendline with current resistance at $515.00.

Ethereum Price ETH/USD Forecast

The current technical structure will remain negative as long as the price is below $515.00, but a successful 2-hour close above this level may perhaps decrease the current bearish pressure and open the doors for a fresh upward wave.

On the flip side, the recent low of $477.31 may act as a decent support, the next buy zone being around $450.00. Overall, Ether could consolidate in the short term but it remains at a risk of more losses until there is a break above $515.00. 

Important Resistance Levels

$500.00 and $515.00

Important Support Levels

$477.00 and $450.00

2-hour RSI

The RSI is now well below the 35 level.

2-hour MACD

The MACD is gaining momentum 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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