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Ethereum Price Forecast: Ether Still In Downtrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is in a significant downtrend against the US dollar and bitcoin. ETH/USD could break the $400.00 support toward the $380.00 level in the near term.

Key Highlights

Ether’s price is down more than 10 percent and is currently trading near the $400.00 level against the US dollar.
There is a crucial bearish trendline forming with current resistance at $480.00 on the 6-hour chart of ETH/USD.
ETH/BTC also declined heavily and is currently trading below the 0.0550BTC support.

Technically, the 6-hour chart indicators are sliding further in the bearish territory.

ETH/USD Could Break $400

There was no relief for Ether buyers as ETH/USD extended its decline and settled below the $450.00 support level. It is currently trading near $400.00.

Similarly, ETH/BTC declined further and traded below a key support at 0.0550BTC. The next major support awaits at 0.0520BTC, followed by the all-important 0.0500BTC.

Ethereum Price ETH/USD Forecast

The 6-hour chart of ETH/USD suggests a bearish structure below $500.00. The pair recently cleared a key support at $450.00, which has opened the door for more losses.

At present, the pair is finding tiny bids near the $400.00 level, but it remains at risk of further declines. An initial resistance is around the 23.6 percent Fibonacci retracement level of the last decline from the $595.00 swing high to the recent low at $405.99.

There is a crucial bearish trendline forming with current resistance at $480.00 on the same chart. It would take a daily close above the $480.00 and $500.00 resistance levels for a short-term trend change.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, there are many bearish signs with a close below $450.00. Moreover, a declining channel with current resistance at $430.00 is intact and acting as a downtrend catalyst.

Ether’s overall trend is bearish and the price could decline further. A daily close below $400.00 could further escalate selling pressure on ETH/USD.

Important Resistance Levels

$430.00 and $450.00

Important Support Levels

$400.00 and $380.00

6-hour RSI

The RSI is moving lower and is currently below the 40 level.

6-hour MACD

The MACD is gaining bearish momentum with many negative signs.

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.