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Ether Price Analysis
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Ethereum Price Forecast: Ether Turned Short-Term Bearish





Ether’s price turned bearish in the short term against the US dollar. ETH/USD is facing a major resistance at $675.00 and it could continue to slide.

Key Highlights

Ether’s price failed to hold the important $675.00 support (now resistance) and dropped against the US dollar.
ETH/USD broke a crucial bullish trendline with support at $675.00 on the 6-hour chart.
ETH/BTC also faced selling pressure but managed to hold the 0.0720BTC support.

Technically, the 2-hour chart indicators moved into the bearish territory.

Can ETH/USD Recover Losses?

Yesterday, we discussed how ETH/USD lost momentum below $690.00. After a continuous failure to move above $690.00, the pair declined and broke many key supports, such as $675.00 and $650.00.

There was also an increase in selling pressure on ETH/BTC, but the 0.0720BTC support acted as a hurdle for sellers and prevented them from taking control. The pair is now consolidating around the 0.0720BTC level.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, the pair struggled to settle above $700.00. It made a few attempts to clear the $690.00 and $700.00 hurdles, but Ether buyers failed to gain momentum, resulting in a downside break.

During the decline, there was a break below a crucial bullish trendline with support at $675.00. More importantly, the price cleared the 50 percent Fibonacci retracement level of the last wave from the $592.86 low to $698.90 high.

There was also a spike below the $640.00 support, but the price later recovered. Dropping down to the 2-hour chart of ETH/USD, it seems like the $635.00-640.00 region acted as a strong support.

Ether Price Analysis Chart

The price is currently correcting higher toward the support-turned-resistance at $675.00. A successful 2-hour close above $675.00 is needed to decrease the current bearish pressure on Ether.

On the downside, the $640.00 support holds the key. Should there be a close below $640.00, the price could accelerate declines toward the all-important $600.00 support. But this last support should prevent further declines, as it won't be easy for Ether sellers to push ETH/USD below the psychological mark.

Important Resistance Levels

$675.00 and $690.00

Important Support Levels

$640.00 and $635.00

2-hour RSI

The RSI is currently recovering from the 35 level.

2-hour MACD

The MACD has moved into 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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