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Ether Price Analysis
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Ethereum Price Forecast: Ether At Risk Of More Declines





Ether’s price is showing a few negative signs against the US dollar and bitcoin. ETH/USD could decline further if it closes below the $575.00 level.

Key Highlights

Ether’s price settled below the crucial pivot level of $600.00 against the US dollar.
ETH/USD broke a major bullish trendline with support at $595.00-600.00 on the 2-hour chart.
Upsides in ETH/BTC are still capped by the 0.0800BTC resistance.

Technically, the 2-hour chart indicators have moved into the bearish territory.

Ether Price Analysis

There was an increase in selling pressure on ETH/USD during the past three sessions. The pair settled below the $600.00 pivot level and even attempted a close below the $580.00 support.

On the other hand, ETH/USD traded in a tiny range. However, it seems like the pair is struggling to break the 0.0800BTC resistance, which could result in a downward move toward the 0.0750BTC support.

Ethereum Price Analysis ETH/USD Forecast

The 2-hour chart of ETH/USD is signaling a few bearish signs from the $628.21 high. The pair started a downward correction and declined below the $600.00 pivot level. There was also a close a below a crucial bullish trendline with support at $595.00-600.00.

Furthermore, the pair breached the 50 percent Fibonacci retracement level of the last wave from the $542.03 low to $628.21 high. Finally, the price surpassed the $585.00 support and traded close to the $575.00 support.

However, the decline was protected by the 61.8 percent Fibonacci retracement level of the last wave near $576.00. Ether’s price is currently trading in a range, with an immediate resistance at $592.00 and a bearish trendline on the 30-minute chart of ETH/USD.

Ether Price Analysis Chart

Looking at the chart, it seems like the pair is following a declining channel with support near $575.00 and resistance at $592.00. An upside break above $592.00 may perhaps push the price toward the $600.00 pivot level.

On the other hand, a bearish reaction below $575.00 could accelerate declines toward the next major support at $550.00. Overall, the next move in Ether depends on whether the price stays above the $575.00 support.

Important Resistance Levels

$592.00 and $600.00

Important Support Levels

$580.00 and $575.00

2-hour RSI

The RSI is now below the 50 level.

2-hour MACD

The MACD has moved into a 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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