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Ethereum Price Forecast: Ether Approaching Crucial Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remained on the edge above the $360.00 level against the US dollar. A failure to recover above $380.00 could push ETH/USD to a new 2018 low.

Key Highlights

Ether’s price continued to trade in a negative zone below the $400.00 level against the US dollar.
An important bearish trendline formed with resistance near $380.00 on the 6-hour chart of ETH/USD.
ETH/BTC is trading in a tight range below the 0.0580BTC resistance and above 0.0540BTC.

Technically, the 6-hour chart indicators are flat with a few negative signs in the bearish territory.

What's the Next Move for ETH/USD?

ETH/USD remained confined in a tiny range above the $360.00 level during the past few sessions. There was a slight increase in selling pressure due to the new RBI guidelines in India, which will prohibit regulated entities from working with individuals or companies that deal with cryptocurrencies.

ETH/BTC also remained in a range above 0.0540BTC. The pair continues to flirt with the 0.0550BTC pivot level and is currently trading well below the 0.0580BTC resistance.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, there is a crucial breakout pattern in place with support around the $360.00 level, and an important bearish trendline formed with resistance near $380.00.

Therefore, the next move in Ether depends on the $360.00 support and $380.00 resistance. Should there be a bullish break above $380.00, the price could accelerate toward the $400.00 level.

On the other hand, if Ether’s price breaks the $360.00 support, it will most likely accelerate declines toward $350.00, which would put the pair at risk of heavy declines toward $300.00 in the near term.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, there is a broad range formed with support at $360.00 and resistance at $420.00.

To sum up, Ether seems to be consolidating in a range above the $360.00 support, and it may possibly make the next move either above $380.00 or below $360.00 during the upcoming sessions.

Important Resistance Levels

$380.00 and $400.00

Important Support Levels

$365.00 and $360.00

6-hour RSI

The RSI is directionless near the 35 level.

6-hour MACD

The MACD is mostly flat 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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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.