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Ether Price Analysis
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Ethereum Price Forecast: ETH/USD Recoveries Remain Capped





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.

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