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Ethereum Price Forecast: Ether Responded To Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether failed to stay above $420.00 against the US Dollar. ETH/USD trimmed almost all gains and declined below $405.00.

Key Highlights

Ether’s price made a nice ascension toward the $430.00 level against the US dollar.
ETH/USD could not hold gains above the $420.00 level and declined sharply.
ETH/BTC traded higher and moved above the 0.0580BTC resistance level.

Technically, the 6-hour chart indicators faced rejection from midlines and are back in the bearish territory.

ETH/USD’s Failed Upward Move

In the weekly analysis, we discussed ETH/USD gaining bullish momentum and trading past the $420.00 resistance. The pair did move higher and broke the $420.00 resistance, but it failed to hold those gains.

On the other hand, there was a nice upward wave in ETH/BTC. The pair settled above the 0.0550BTC pivot level and traded past the 0.0580BTC resistance. The next hurdle for buyers sits at 0.0600BTC.

Ethereum Price ETH/USD Forecast

The 6-hour chart of ETH/USD suggests a solid support at $365.00. The pair started an upward move and broke a couple of important resistance levels at $380.00 and $400.00. The most important thing was a break above the $420.00 resistance.

However, Ether failed to hold gains above $420.00 and it was rejected from a bearish trendline with current resistance at $425.00. The current 6-hour candle is bearish and it seems like the price was rejected from the $430.00 level.

Looking at the 30-minute chart of ETH/USD, the pair made a high at $431.33 and started a sharp downward move. It declined and broke a connecting bullish trendline at $410.00. Additionally, Ether’s price moved below the $405.00 and $400.00 support levels.

Ether Price Analysis Chart

An immediate support is at $392.00 followed by $390.00. Should there be a break and 2-hour close below $390.00, the price could decline further toward the $365.00 support zone.

To sum up, it appears that the last bullish wave failed to attract buyers and was rejected from a key resistance. The $390.00 support now holds a lot of importance for the next move in Ether, either above $405.00 or toward $365.00.

Important Resistance Levels

$405.00 and $420.00

Important Support Levels

$390.00 and $365.00

30-minute RSI

The RSI declined sharply from 70 and is currently below 40.

30-minute MACD

The MACD moved back 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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