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ETH/USD Forecast: Recovery Won’t Be Easy

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is slowly grinding lower against the US dollar and bitcoin. ETH/USD is hovering above a couple of important supports, which holds the key this week.

Key Highlights

ETH/USD extended its decline and even traded below the $290.00 support area.
The previous supports such as $325.00 and $340.00 may now prevent recoveries in the near term.
ETH/BTC extended its decline and traded below the 0.120 BTC support.

Technically, the 2-hour chart indicators have moved in the bearish territory and are signaling negative bias.

Ether Price under Pressure

ETH/USD trades with a slightly negative bias and recently extended its decline below the $310.00-290.00 support area. Similarly, ETH/BTC was pressured and the pair moved below the 0.120 BTC support to trade close to 0.110 BTC.

Ether Price Technical Analysis Chart

Yesterday, we discussed two key supports: $310.00 and $290.00. The recent decline in ETH/USD got extended and the pair moved below the stated support levels.

The only good thing was a no-close below the $290.00 support, and the pair bounced back above $300.00. Ether’s price is has been making minor-recovery attempts over the past few hours, but it faces many challenges on the way up.

The two important broken supports at $325.00 and $340.00 are hurdles for buyers and most likely to prevent upsides in the near term. The price already tested $325.00 during the recent recovery and failed to overcome sellers.

Rallies will need to regain the 50 percent Fibonacci retracement level of the last decline from the $378.00 high to $278.00 low, to refocus attention on the topside and $360.00.

Failure to clearly break above the $325.00 pivot keeps risk at the downside, as 2-hour studies are in bearish setup. Ether continues to hover above the $310.00-300.00 area and its lack of follow-through has dented the medium-term bullish setup.

Ethereum ETH USD Forecast

A close below $290.00 (the weekly pivot) should trigger further losses to the $260.00 support. Looking at the 6-hour chart of ETH/USD, the pair spiked below $290.00 during the recent dip and recovered.

There is a possibility that the pair might move towards a bearish trendline at $350.00. Having said that, upsides remain limited, considering the recent shift in the market sentiment.

To the downside, the $310.00 region comes as the immediate support. Further declines would signal a bearish acceleration, with $290.00 being the next probable bearish target.

Important Resistance Levels

$325.00 and $340.00

Important Support Levels

$310.00 and $290.00

2-hour RSI

The RSI is recovering from 30, but remains capped by the neutral (50) level.

2-hour MACD

The MACD is now in the bearish zone with a minor divergence.

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

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