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ETH/USD Forecast: Short-term Bearish Outlook

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether nosedived against the US Dollar and Bitcoin amid sharp profit taking. ETH/USD was down by more than 25% towards $140.

Key Highlights

Sharp U-turn in ETH/USD below $170 suggests a short-term bearish bias.
The pair broke a very important bullish trend line at $165-170 on the 4-hour chart, igniting heavy losses.
ETH/BTC was also down by roughly 8%, and traded below 0.070BTC.

Technically, the 4-hour chart indicators turned bearish and moved below their mid-lines.

Ether Price Correction Underway

Yesterday, we noticed that the bullish rally in ETH/USD was running out of steam, which later resulted in heavy downsides.

Ether Price Analysis Chart

Ether tumbled against the US Dollar by more than 25% to trade below $150. To start a bearish trend, the pair first broke a connecting support trend line at $190 on the 30-min chart (shown in the chart as bearish break 1).

Thereafter, the pair broke a key support area at $180, and the 50% Fibonacci retracement level of the last wave from the $181.38 low to $211.12 high. It resulted in a sharp downside move towards $140.

The pair attempted a minor recovery and traded towards $165 where it found a bearish trend line. It protected gains above $165, and pushed the pair back below another connecting support trend line at $160 (shown in the chart as bearish break 2).

The price is currently in the third wave, which could end anywhere near $125-130. Once a three-wave correction pattern is complete, there is a chance of ETH/USD crawling back above the $150 level.

Ether buyers now have to overcome many resistances on the way up, including $180-175. It was a crucial support, and now may prevent upsides if the pair attempts a recovery above $160.

Ethereum ETH USD Forecast

The 4-hour chart of ETH/USD clearly points a major downside break below a key bullish trend line at $175. The same trend line prevented yesterday’s slide, and a close below it suggests a short-term bearish bias.

Honestly, it is a much needed correction for Ether, and it’s hard to term the current price action as a reversal. If buyers manage to hold downsides below $110-100, there can be a bounce back.

Important Resistance Levels

$160.00 and $180.00

Important Support Levels

$130.00 and $125.00

4-hour RSI

The RSI is now below 50, and heading south.

4-hour MACD

The MACD has just moved into 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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