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Ether Price Analysis
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Ethereum Price Forecast: Ether Made U-Turn





Ether failed to accelerate above $420.00 against the US dollar. Both ETH/USD and ETH/BTC may continue to decline in the near term.

Key Highlights

Ether’s price recovered further but it failed to break a crucial resistance at $420.00 against the US dollar.
ETH/USD faced a major hurdle near a bearish trendline with current resistance at $405.00 on the 6-hour chart.
ETH/BTC is still below the 0.0550BTC pivot level and it remains at risk of more losses.

Technically, the 6-hour chart indicators are moving lower in the bearish territory.

ETH/USD Struggles to Recover

Yesterday, we discussed the importance of $420.00 resistance. ETH/USD did trade higher toward that level but failed to break it. As a result, there was a downward reaction and the pair moved below $400.00.

Similarly, there was no upward movement in ETH/BTC. The pair is struggling to hold the 0.0550BTC pivot level and it could decline further.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, the pair faced a crucial resistance near $420.00, which buyers could not push beyond. Ether fell, breaking the 23.6 Fibonacci retracement level of the last leg from the $359.33 low to $419.38 high.

More importantly, there was a breach of a bullish trendline with support at $400.00. It seems like the pair is heading toward the range support around the $365.00 level. An intermediate support is the 61.8 Fibonacci retracement level of the last leg from the $359.33 low to $419.38 high at $381.00.

Ethereum Price ETH/USD Forecast

The broken support at $400.00 will most likely act as a resistance today. Above this level, there is a key bearish trendline with current resistance at $405.00 on the 6-hour chart. The same trendline prevented further gains near $419.00 recently and it may continue to do so. Short-term price action still looks a little heavy for Ether.

6-hour MACD

The MACD is showing bearish signs.

6-hour RSI

The RSI is now well below 40 with a bearish angle.

Important Support Levels

$370.00 and $365.00

Important Resistance Levels

$400.00 and $405.00

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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