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Ethereum Price Forecast: Ether Visits A New 2018 Low Before Recovering

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether declined further below important supports against the US dollar and bitcoin. ETH/USD could extend the current decline with supports at $445.00 and $420.00.

Key Highlights

Ether’s price traded at a new yearly low below $450.00 against the US dollar.
There is a key short-term resistance forming near the $475.00 level on the 30-minute chart of ETH/USD.
ETH/BTC failed to stay above the 0.0600BTC support and declined toward 0.0570BTC.

Technically, the 2-hour chart indicators are showing no signs of a recovery in the bearish territory.

ETH/USD Remains in Downtrend

Yesterday, we discussed how ETH/USD could retest $454.00. The pair ended up in a decline during the past few sessions, breaking the $450.00 support, and even trading at a new yearly low of $448.05.

More importantly, there was a bearish break in ETH/BTC. The pair failed to stay above 0.0600BTC, resulting in further declines toward the 0.0550BTC support.

Ethereum Price ETH/USD Forecast

The 2-hour chart of ETH/USD suggests a major downtrend from the $590.15 high. The pair broke various supports recently before settling below an important pivot level at $510.00.

The current decline could extend toward the $420.00 level in the near term. On the upside, an initial resistance awaits around the 23.6 percent Fibonacci retracement level of the last decline from the $590.15 high to $448.05 low at $481.58.

The most significant resistance on the same chart is a bearish trendline at $505.00. Moving down to the 30-minute chart of ETH/USD, the pair seems to be consolidating above the $445.00 level.

Ether Price Analysis Chart

The technical structure on the chart suggests that there is a key short-term hurdle forming near $475.00 with the help of a horizontal resistance and a bearish trendline.

A successful 30-minute close above the $475.00 resistance may perhaps push the price toward the next hurdles at $500.00 and $505.00.

2-hour MACD

The MACD is pointing a solid increase in selling pressure on Ether.

2-hour RSI

The RSI is approaching oversold levels with no signs of a recovery.

Important Support Levels

$445.00 and $420.00

Important Resistance Levels

$475.00 and $505.00

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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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.