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Ether Price Analysis
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ETH/USD Forecast: Upside Limited, More Losses Possible





A short-term downtrend is likely initiated in Ether price since both ETH/USD and ETH/BTC are struggling to regain ground.

Key Highlights

Failure to close above $50 ignited a downside move in ETH/USD during the past 2 days.
There was a sharp decline in Ether’s price against the US Dollar and Bitcoin towards $44 and 0.0380BTC respectively.
ETH/BTC was down by more than 15% from 0.047BTC to 0.038BTC.

Technically, the hourly chart indicators are moving with good momentum in the bearish territory.

Ether Price Downside Move to Extend?

In the weekly analysis, we saw a major trend line break in ETH/USD on the 12-hour chart.

Ethereum ETH/USD Forecast

There was a proper break and close below the range support at $48. The past two sessions were very challenging for Ether, as the price declined heavily and broke the stated range support as well, to trade as low as $43.36.

So, it looks like the highlighted break on the 12-hour chart is real. The last 2 candles look bearish, signaling more downsides in the near term. There was even an attempt to break the 38.2% Fibonacci retracement level of the last wave from the $32 low to $54 swing high.

There is now a connecting bearish trend line formed on the same chart with resistance at $50.20. If there is a correction initiated, ETH/USD may face offers near $50.00-50.20.

The ETH/BTC pair also faced a lot of pressure, as it declined below the 0.045BTC and 0.040BTC support levels to trade towards 0.038BTC.

When we move down to the hourly chart of ETH/USD, the pair is clearly in a short-term downtrend. There was a bullish trend line break at $50 to initiate the decline.

Ether Price Analysis Chart

On the upside, there are two bearish trend lines positioned at $47 and $50. I think, the most important one is near $50 since the price might attempt a bounce back from the $45 low.

Overall, it looks like if the price recovers from the $45 low, it could face a strong resistance near $50.

Important Resistance Levels

$48.00 and $50.00

Important Support Levels

$45.00 and $44.00

Hourly RSI

The RSI technical is near the oversold reading, suggesting a bounce back in ETH/USD.

Hourly MACD

The MACD is gaining momentum in the bearish zone.

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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