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Ethereum Price Forecast: Ether's Trend Significantly Bearish





Ether’s price moved further in the bearish zone against the US dollar. ETH/USD is currently correcting higher, but it is likely to face hurdles near $620.00-650.00.

Key Highlights

Ether’s price declined further and broke a key support at $600.00 against the US dollar.
There are many resistances on the upside near $600.00 and $625.00 on the 30-minute chart of ETH/USD.
ETH/BTC has settled below the 0.0800BTC support, but it is still placed nicely above 0.0750BTC.

Technically, the 6-hour chart indicators are moving south in the bearish territory.

Ether Price Analysis

Yesterday, ETH/USD failed to stay above the $600.00 support and declined significantly. The pair even spiked below the $550.00 support and formed a new monthly low at $543.48.

Additionally, ETH/BTC traded in a range below the 0.0800BTC level. It may continue to correct lower, and it could test the 0.0750BTC support level in the near term.

Ethereum Price Forecast ETH/USD

Looking at the 6-hour chart of ETH/USD, the pair broke a major support at $650.00, clearing the way for more declines. There was a sharp downward move below $600.00 before buyers appeared near $540.00-550.00.

It seems like a close below $650.00 was important, signaling a change in trend for ETH/USD. Should the price correct higher, it will most likely struggle to break the previous support (now resistance) at $640.00-$650.00.

More importantly, there is a crucial bearish trendline formed with current resistance at $695.00. Therefore, any major recoveries above $600.00 and $620.00 could be capped by $650.00 and $695.00.

In the short term, the 30-minute chart of ETH/USD indicates that the pair is forming a base around $550.00. It is currently correcting higher toward a major bearish trendline with resistance at $595.00-600.00.

Ether Price Analysis Chart

A successful hourly close above $600.00 may well set the pace for a larger upward correction toward $620.00 and $650.00.

On the flip side, a failure to break the $600.00 and $625.00 resistance levels could restart bearish moves in Ether. Key supports on the downside are at $550.00 and $520.00, followed by the $500.00 handle.

Important Resistance Levels

$600.00 and $625.00

Important Support Levels

$550.00 and $520.00

6-hour RSI

The RSI is currently near the oversold levels.

6-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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