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Ethereum Price Forecast: Ether Turned Short-Term Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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