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Ether Pressured as Risk Sentiment Fades

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair is in red for the third straight day, and going forward Ether’s price may extend weakness against the US Dollar and Bitcoin.

Key Highlights

Firm bearish tone for ETH/USD has been established in the short term with resistance at $46.00-48.00.
Ether price extended yesterday’s decline against the US Dollar and may be heading lower towards $40.00.
ETH/BTC was also pressured and pushed towards 0.035BTC.

Technically, the 4-hour chart indicators are sliding in the bearish territory with a lot of negative signals.

Ether Price Downside Move to Extend?

It looks like sellers seek for a weekly close below $50 in Ether price against the US Dollar, and 0.050BTC against Bitcoin. It might create a bearish sentiment in the short term for both ETH/USD and ETH/BTC.

Ether Price Analysis Chart

Yesterday, we saw how upsides were limited and the price was positioning for more losses. The ETH/USD pair failed to gain momentum for a recovery, and moved down further towards $40.00.

The corrective rally towards $47.50 faced resistance near a bearish trend line on the hourly chart. The same level represented the 50% Fibonacci retracement level of the last decline from the $51.49 high to $43.36 low.

The price failed to break $47.50, and moved down. The downside move was such that there was a break below $43.36 for an extension towards $41.00.

Looking at the hourly chart, it is clear that Ether price is struggling and faces a major resistance near $44.50-45.00. The stated resistance coincides with a bearish trend line and the 23.6% Fibonacci retracement level of the last decline from the $51.49 high to $41.12 low.

Ethereum ETH/USD Forecast

 Should the price corrects higher, it could face hurdles near $44.50 and $45.00. When we look at the 4-hour chart of ETH/USD, there was a break below a critical support at $48, which was broken. The same level may now act as a resistance.

Moreover, there is an expanding triangle pattern formed with lower support at $40.00. In my view, if the current bearish sentiment remains intact, there is a chance of ETH/USD testing the $40 support.

Important Resistance Levels

$44.50 and $45.00

Important Support Levels

$41.00 and $40.00

4-hours RSI

The RSI technical broke the 50 level, and heading lower.

4-hours MACD

The MACD is increasing its bearish slope and gaining momentum.

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

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