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Ethereum Price Forecast: Ether Targets Fresh Lows

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price declined markedly against the US dollar and bitcoin. ETH/USD is now well below $500.00 and is eyeing a test of $450.00.

Key Highlights

Ether’s price made a sharp U-turn and declined below the $500.00 handle against the US dollar.
ETH/USD broke a significant bullish trendline with support at $520.00 on the 6-hour chart.
ETH/BTC failed to surpass the 0.0800BTC resistance and dropped back toward 0.0750BTC.

Technically, the 6-hour chart indicators turned sharply into the bearish territory.

Ether Price Analysis

There was a sharp bearish reaction during the past two sessions for ETH/USD. Ether’s price failed to move past the $550.00 barrier, resulting in a crucial break below $520.00 and $500.00.

Similarly, ETH/BTC was not able to surpass the 0.0800BTC resistance and started a downward move. The pair is moving lower and it could revisit the 0.0750BTC support.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, the pair made a few attempts to move above the $550.00 resistance zone. Ether buyers failed to gain momentum above $550.00, resulting in a bearish break.

The price dropped heavily and broke a significant bullish trendline with support at $520.00 on the same chart. More importantly, there was a break below a crucial support at $500.00 and the 50 percent Fibonacci retracement level of the last wave from the $450.60 low to $548.12 high.

The current price action indicates that Ether started a fresh bearish wave and it could accelerate declines below $480.00 in the near term. At the outset, the price is testing the 76.4 percent Fibonacci retracement level of the last wave.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair is under heavy selling pressure below $500.00. It seems like the price could continue to move down and test $450.00. If sellers remain in action, the price could feasibly trade at a new monthly low.

There are many hurdles near the $490.00 and $500.00 levels, and two bearish trendlines in place with resistance near $510.00. The overall market sentiment turned quite bearish with supports at $450.00 and $440.00.

Important Resistance Levels

$490.00 and $510.00

Important Support Levels

$465.00 and $450.00

6-hour RSI

The RSI is now well below 50 and is heading toward 30.

6-hour MACD

The MACD is back in the bearish zone with negatives moves.

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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