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Ethereum Price Forecast: Ether Poised For Continued Weakness





Ether’s price moved further into the bearish zone against the US dollar and bitcoin. ETH/USD traded close to $500.00 and is currently correcting higher.

Key Highlights

Ether’s price fell sharply and traded to a new monthly low at $505.69 against the US dollar.
The current recovery in ETH/USD could be capped by the $550.00 and $560.00 resistance levels.
ETH/BTC also followed ETH/USD and declined below a key support at 0.0750BTC.

Technically, the 30-minute chart indicators are recovering from the extreme oversold levels.

Ether Price Analysis

In the weekly analysis, we discussed that ETH/USD is at risk of further losses. The pair did move down and broke a key support area at $550.00. It traded close to the $500.00 handle and formed a new monthly low at $505.69.

Ether came under pressure versus bitcoin as well, resulting in a sharp downward move in ETH/BTC. The pair broke a major support at 0.0750BTC and tested the 0.0720BTC support zone.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair struggled to move above $600.00-610.00 and traded lower. The decline was such that the pair even cleared a significant support near $550.00.

Ether’s price dropped heavily and a large bearish candle was formed on the same chart. After trading as low as $505.69, the price started an upward correction and recovered above the 23.6 percent Fibonacci retracement level of the last drop from the $574.43 high to $505.69 low.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, there is a short-term resistance formed at $540.00 and the 50 percent Fibonacci retracement level of the last drop from the $574.43 high to $505.69 low. A close above this could push the price toward a connecting bearish trendline with resistance at $560.00.

An intermediate important resistance is at $550.00 (previous key support). On the downside, there is a decent support at $520.00, below which Ether’s price could test the $500.00 support zone. The overall price structure remains bearish as long as the price is below $550.00-560.00. 

Important Resistance Levels

$540.00 and $550.00

Important Support Levels

$520.00 and $500.00

2-hour RSI

The RSI is currently recovering from the 25 level.

2-hour MACD

The MACD is placed strongly 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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