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Ethereum Price Forecast: Ether Looking Bearish In Short Term Within Range





Ether’s price is losing bullish momentum due to low volatility against the US dollar and bitcoin. ETH/USD could move down in the range toward $590.00 and $575.00.

Key Highlights

Ether’s price failed to move above the $610.00 and $615.00 resistances against the US dollar.
There was a break below a key contracting triangle with support at $605.00 on the 2-hour chart of ETH/USD.
ETH/BTC is still trading in the 0.0780BTC-0.0800BTC range with a sideways pattern.

Technically, the 2-hour chart indicators moved back in the bearish territory.

Ether Price Analysis

The past three days were mostly sideways as ETH/USD traded in a tiny range below the $615.00 resistance. Yesterday, the pair failed to move higher, resulting in a short-term downward reaction below $600.00.

On the other hand, ETH/BTC rose a bit but the 0.0800BTC resistance is still intact. There is a range in place with support on the downside at 0.0780BTC and resistance near 0.0800BTC.

Ethereum Price Analysis ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair made a bearish move below a key connecting bullish trendline with support at $605.00. The price declined and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $505.69 low to $628.21 high.

However, there was no momentum or volatility, suggesting that the recent downward break could be a false break. A crucial support awaits near $580.00-575.00.

The most important support and pivot level is $550.00. There's an intermediate support near $565.00 and the 50 percent Fibonacci retracement level of the last wave from the $505.69 low to $628.21 high.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair cleared a key contracting triangle with support at $605.00. Should the price decline further, Ether buyers are likely to take a stand near $580.00.

On the flip side, a bounce back from the current levels may perhaps face barriers near the $610.00 resistance and the 2-hour chart triangle upper trendline. Overall, Ether’s failure to climb above $610.00 initiated a short-term bearish move, with supports at $580.00, $575.00, and $565.00.

Important Resistance Levels

$610.00 and $615.00

Important Support Levels

$580.00 and $575.00

6-hour RSI

The RSI is heading lower toward the 50 level.

6-hour MACD

The MACD is slowly moving 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. 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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