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Ether Price Analysis
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Ethereum Price Forecast: Ether Still In Downtrend





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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