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Ethereum Price Forecast: Ether's Trend Significantly Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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