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Ethereum Price Forecast: Ether Turned Short-Term Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price saw a sharp decline against the US dollar and bitcoin. ETH/USD settled below a major support at $700.00, signaling a short-term bearish trend.

Key Highlights

Ether’s price tumbled and broke a crucial support at $700.00 against the US dollar.
ETH/USD also broke a key contracting triangle to move into a bearish zone on the 2-hour chart of ETH/USD.
ETH/BTC failed to move higher and declined below the 0.0800BTC support.

Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.

ETH/USD Changed Course

Yesterday, there were many positive signs on the 2-hour chart of ETH/USD above $750.00, but the pair failed to break the $765.00 technical resistance and declined sharply. A possible reason for the dip is that one of South Korea's biggest cryptocurrency exchanges, Upbit, was raided over the past couple days.

ETH/BTC also faced selling pressure and moved below 0.0800BTC. The current bias is negative, signaling more losses in the short term toward 0.0760BTC and 0.0750BTC.

Ethereum Price Analysis Chart

The 2-hour chart of ETH/USD indicates an important rejection near the $675.00 resistance. The pair started a downward wave and declined below the $650.00 and $640.00 support levels.

More importantly, there was a break below a key contracting triangle with support at $745.00. Finally, Ether sellers even succeeded in pushing the price below a crucial support at $700.00, leading the way to more losses.

The pair traded toward the $665.00 level, which could act as a support in the short term. Despite the ongoing correction from the $667.18 low, the pair remains in a bearish zone.

Ether Price Analysis Chart

Should Ether’s price correct higher, the broken support at $700.00 might act as a resistance. Moving down to the 30-minute chart of ETH/USD, there is a bearish trendline forming with resistance near $715.00.

However, a successful daily close above $700.00 will most likely decrease the current selling pressure on Ether.

Important Support Levels

$665.00 and $650.00

Important Resistance Levels

$700.00 and $715.00

2-hour RSI

The RSI has reached the oversold levels.

2-hour MACD

The MACD is gaining momentum 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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