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Ethereum Price Forecast: Ether Bearish Below $600

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is at risk of more declines against the US dollar and bitcoin. ETH/USD has moved into a bearish zone with a close below $600.00.

Key Highlights

Ether’s price declined sharply and settled below the $600.00 support against the US dollar.
ETH/USD broke a crucial contracting triangle with support at $595.00 on the 2-hour chart.
ETH/BTC is still above the 0.0780BTC range support, but it is at risk of a downward move.

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

Ether Price Analysis

During the past few days, we discussed a key range pattern in ETH/USD with resistance around $610.00 and support near $575.00. There were many attempts to move above the mentioned range resistance, but the pair failed to gather momentum and declined below the $600.00 and $580.00 support levels.

ETH/BTC is still stuck in a tiny range with support near 0.0780BTC and resistance at 0.0800BTC. There are a few bearish signs emerging and it seems like the pair could decline below 0.0780BTC in the near term.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, there was a bearish pattern formed below the $620.00 resistance level. The pair struggled many times to settle above the $610.00 and $615.00 resistance levels.

There was a sharp downward move and the price broke the $600.00 and $580.00 support levels, opening the doors for more losses. The price is now well below the $580.00 and $570.00 range supports, which could accelerate declines in the near term.

Looking at the 12-hour chart of ETH/USD, two bearish trendlines acted as a major barrier for buyers near $610.00. The pair is under a lot of bearish pressure and it may slide toward the $550.00 support area in the near term.

Ethereum Price Analysis ETH/USD Forecast

At the outset, the recent bearish break below $580.00 has cleared the path for sellers to take control. However, Ether buyers are likely to take a stand near the $550.00 pivot level.

Overall, the current bearish trend could extend in the short term toward the $550.00 support. An upside correction from the current level will most likely face sellers near the $590.00 and $600.00 resistance levels.

Weekly Resistance Levels

$590.00 and $600.00

Weekly Support Levels

$560.00 and $550.00

12-hour RSI

The RSI dipped below the 50 level, signaling a negative bias.

12-hour MACD

The MACD is moving nicely in a bullish 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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