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Ethereum Price Forecast: Ether Poised For Continued Weakness

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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