ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Tuesday Dec 11th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Ethereum Price Forecast: ETH/USD Recoveries Remain Capped

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price fell below a crucial support against the US dollar. ETH/USD is currently in a bearish zone and any recoveries are likely to face hurdles on the upside.

Key Highlights

Ether’s price failed to overcome selling interest near $740.00 and declined sharply against the US dollar.
ETH/USD broke a key support at $710.00 on the 2-hour chart and declined toward $670.00.
ETH/BTC remained supported above 0.0820BTC and could rise slowly toward 0.0850BTC.

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

ETH/USD’s Support Turned Resistance

It seems like the $740.00 resistance turned out to be a major barrier for ETH/USD buyers. The pair failed to move past this and declined sharply below the $710.00 and $700.00 support levels.

There was also an increase in selling pressure on bitcoin, which kept the ETH/BTC pair in a positive zone above the 0.0820BTC support. It may continue to slowly move higher toward the next resistance at 0.0850BTC.

Ethereum Price ETH/USD Forecast

Let’s analyze the 2-hour chart of ETH/USD to understand the recent decline of more than $50.00. The pair faced a strong sell wall near the $740.00 resistance, resulting in a major downward reaction.

The price declined and broke two important bullish trendlines with support near $710.00. Ether saw an increase in bearish momentum, pushing the price further below the $700.00 handle.

During the decline, Ether’s price even broke the 50 percent Fibonacci retracement level of the last major wave from the $638.62 low to $741.80 high at $685.

Ether Price Analysis Chart

Later, a minor recovery was initiated from the $676.72 low. However, recoveries were limited and capped by the $710.00 level (previous support). The price declined back below $700.00 and resumed its downward trend. It broke a connecting bullish trendline with support at $690.00 on the 30-minute chart to move back in a bearish zone.

To the downside, there are many supports sitting near $670.00 and $660.00. Therefore, should there be a bearish extension below $675.00, buyers are likely to protect further losses. The last line of defense sits near the last swing low at $640.00, which is a crucial support.

Important Resistance Levels

$700.00 and $710.00

Important Support Levels

$670.00 and $660.00

2-hour RSI

The RSI is moving lower toward the 25-30 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.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.

Disclaimer
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.