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Ether Price Weekly View Remains Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price was under pressure throughout this past week, as it declined vs the USD and BTC. Can it recover or continue to move down?

Key Highlights

Ethereum price declined continuously this past week, as there was no relief for the ETH bulls.
ETH/BTC traded below a couple of important support levels, including 0.0250BTC and 0.0240BTC.

ETH weekly view is mostly negative, and if we look at a higher time frame chart, then it clearly suggests that ETH/BTC MACD is bearish.

Ether Price – Are You Looking To Sell?

Ethereum price struggled throughout this past week, especially against Bitcoin and my view of selling in the short term worked perfectly. The technical indicators were pointing bearish signals, which ignited a continuous downside pressure.

Ethereum Price Analysis Chart

The last 7-day chart of ETH/BTC clearly highlights a downtrend, and the most important point is the fact that the price broke a major support area at 0.0240BTC-0.0235BTC. The red line points how important was the stated support levels, as it acted as a barrier for sellers on many occasions earlier. It is now broken, which means if the price trades higher, the same level may act as a resistance.

If we turn our attention to a higher time frame chart like the 14-day, then another crucial break can be seen. There was a bullish trend line formed on the 14-day chart, which was cleared by the ETH sellers. It looks like the price is now heading towards the 0.0220BTC level that may act as a support area.

Ethereum Price Chart Analysis 2W

I think there is a chance of more losses in the short term, which could take ETH/BTC towards 0.0220BTC or 0.0210BTC where the bulls may step in. So, if you are looking to enter a sell trade, then be careful around the stated level. On the upside, the broken support area of 0.0240BTC may play a crucial role, and might stall a recovery in the near term.

Overall, we need to trade with caution, and wait for a break on the either side to get an idea of the next move.

Weekly Resistance Level

0.0240BTC

Weekly Support Level

0.0210BTC

Weekly RSI

The RSI is below the 50 level, signaling bearish signs for ETH/BTC.

Weekly MACD

The MACD is in the bearish zone, which is a sign of more losses in the near term.

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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.