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





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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