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Ethereum Price Forecast: Ether Trending Below $450

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether declined below $400.00 against the US dollar and remains at a risk of more losses as long as it is below $450.00.

Key Highlights

Ether’s price fell further and even broke a major pivot level at $400.00 against the US dollar.
There are two bearish trendlines forming with resistance at $410.00 and $450.00 on the 4-hour chart of ETH/USD.
ETH/BTC has started an upward correction and moved above the 0.0550BTC level.

Technically, the 4-hour chart indicators are still seeing oversold conditions.

ETH/USD Remains Bearish

The past few days were quite bearish as ETH/USD extended declines and broke many important support levels, such as $510.00 and $400.00. The pair recently traded to a new yearly low at $365.14 and it is currently correcting higher.

On the other hand, ETH/BTC started an ascension after a significant downward wave. The pair is currently trading above the 0.0550BTC level, which is a positive.

Ethereum Price ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there are many bearish signals which indicate a significant downtrend from the $590.00 swing high. More importantly, the recent break below the $400.00 pivot level could further add to the bearish pressure.

The pair is currently correcting higher from the recent low of $365.14 but there are many resistances, starting with $410.00. Additionally, there are two bearish trendlines forming with resistance at $410.00 and $450.00.

It seems like the $450.00 level is now a crucial barrier for a major correction in Ether’s price. Moving down to the hourly chart of ETH/USD, the pair is currently testing a bearish trendline with resistance at $400.00.

Ether Price Analysis Chart

A close above $410.00 could lead the way toward the all-important $450.00 level. On the downside, the recent low of $365.14 is a short-term support, a break below which would signify further declines.

Important Resistance Levels

$410.00 and $450.00

Important Support Levels

$365.00 and $350.00

4-hour RSI

The RSI is slowly moving higher from the extreme oversold levels.

4-hour MACD

The MACD is showing a lot of bearish 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.