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Ether Price Analysis
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Ethereum Price Forecast: Ether Slumps Below $500





Ether’s price moved further into the red zone against the US dollar and bitcoin. ETH/USD settled below the $500.00 support, suggesting more declines ahead.

Key Highlights

Ether’s price failed to move above the $535.00 resistance and declined against the US dollar.
A major bearish trendline is in place with resistance near $485.00 on the 30-minute chart of ETH/USD.
ETH/BTC declined further and broke the 0.0750BTC support to move into a bearish zone.

Technically, the 2-hour chart indicators are moving further into extreme oversold levels in the bearish territory.

Ether Price Analysis

Yesterday, we discussed a crucial resistance near $535.00 for an upward recovery in ETH/USD. The pair failed to break it, resulting in a fresh downward wave below the $510.00 support.

ETH/BTC also came under bearish pressure and extended declines below 0.0780BTC. The pair fell and cleared the 0.0750BTC support to move into a short-term downtrend.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair declined sharply below the $520.00 and $510.00 support levels. There was even a close below a significant support at $500.00. The price traded toward the $480.00 level before starting an upward correction.

However, Ether failed to move back above the $500.00 handle, resulting in a fresh downward move. The price declined and broke a key support near the $480.00 level.

At the outset, the price is trading well below the $500.00 pivot level and is forming a short-term breakout pattern with resistance around $485.00 and a bearish trendline on the same chart. A break above the $485.00 resistance followed by a close above the $500.00 handle is needed for a positive recovery.

Ethereum Price ETH/USD Forecast

Moving up to the 2-hour chart of ETH/USD, there was a break below a major consolidation support at $510.00, igniting a sharp downward move.

To the topside, there is a significant bearish trendline formed with resistance around $505.00. Therefore, the price must clear the $485.00, $500.00, and $505.00 hurdles to start a bullish recovery.

However, should there be further declines in ETH/USD, the pair could trade toward $450.00 support area.

Important Resistance Levels

$485.00 and $505.00

Important Support Levels

$460.00 and $450.00

2-hour RSI

The RSI is extending declines in the oversold zone.

2-hour MACD

The MACD is gaining momentum 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. 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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