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Ethereum Price Forecast: Ether's In The Bearish Territory





Ether’s price traded to a new weekly low at $657.71 against the US dollar. ETH/USD is currently positioned in a bearish zone below the $695.00 and $710.00 resistances.

Key Highlights

Ether’s price failed to move above the $725.00 hurdle and declined heavily against the US dollar.
Two bearish trendlines are acting as a strong barrier around $710.00 on the 4-hour chart of ETH/USD.
ETH/BTC started a downward correction and it could test the 0.0820BTC support.

Technically, the 4-hour chart indicators are signaling bearish continuation in the near term.

Can ETH/USD Hold $650?

Yesterday, we discussed the possibility of a bearish break below $692.00 in ETH/USD. The pair did descend, broke the $676.00 range support, and almost tested $650.00.

Similarly, there was a short-term bearish reaction in ETH/BTC. The pair failed to break the 0.0850BTC resistance and started a downward correction toward the 0.0820BTC support.

Ethereum Price ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, it seems like every recovery was capped by two bearish trendlines with current resistance around $710.00. The pair is now trading well below the $700.00 pivot level, which is a bearish sign.

On the downside, the $650.00-655.00 support region holds a lot of importance. Should sellers succeed in pushing the price below this, there could be heavy declines in Ether toward $620.00 or even lower.

On the other hand, a successful 4-hour close above the trendlines and $712.00 may well clear the path for buyers to push the price toward $750.00 and $800.00. Dropping down to the 30-minute chart of ETH/USD, the pair is currently in a slow and steady recovery mode from the $657.71 low.

Ether Price Analysis Chart

To the topside, the previous support at $695.00 and a bearish trendline at $688.00 are likely to act as resistances. The current price action is slightly bullish on the 30-minute chart, but Ether may be looking for a new direction heading into the weekend.

The low for the week at $657.71 is an immediate short-term support ahead of the all-important $650.00. Resistances from here come at $688.00, followed by $695.00 and $700.00.

Important Resistance Levels

$688.00 and $695.00

Important Support Levels

$657.00 and $650.00

4-hour RSI

The RSI is currently recovering from the 30 level.

4-hour MACD

The MACD is signaling a strong bearish bias.

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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