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ETH/USD Forecast: Upside Limited, More Losses Possible

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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