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Ethereum Price Forecast: ETH/USD Primed For Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is primed for more losses against the US dollar and bitcoin. ETH/USD is approaching a major bearish break on the daily chart with support at $445.00.

Key Highlights

Ether’s price is struggling to hold the $450.00 support area against the US dollar.
Two important bearish trendlines are in place with resistance at $505.00 on the daily chart of ETH/USD.
ETH/BTC is at a risk of a bearish break below the 0.0750BTC support.

Technically, the daily chart indicators are approaching oversold levels in the bearish territory.

Ether Price Weekly Analysis

Yesterday, we discussed the importance of the $450.00 support for ETH/USD. The pair corrected a few points higher, but it failed to gain momentum and declined sharply.

ETH/BTC is currently holding the 0.0750BTC support. However, a failure to recover above the 0.0780BTC resistance could push the price below the 0.0750BTC and 0.0720BTC support levels.

Ethereum Price ETH USD

Looking at the daily chart of ETH/USD, the pair recovered from the $450.60 low earlier this month. However, the price faced a strong resistance near the $540.00 and $550.00 resistance levels. More importantly, two important bearish trendlines with current resistance at $505.00 acted as a crucial hurdle.

The price failed to gain momentum above $550.00, resulting in a sharp downward move. Ether settled below the $500.00 handle and even traded to a new monthly low below $448.00. At the outset, the price is currently trading near a connecting support trendline at $445.00.

Should there be a bearish break and daily close below $445.00, there could be heavy declines toward $420.00 and $400.00. Dropping down to the 30-minute chart of ETH/USD, the pair topped near $482.00, moved down, and broke a key connecting bullish trendline with support at $470.00.

Ether Price Weekly Analysis Chart

The price is currently trading below $460.00 with increased selling pressure. An upward recovery may face resistances near $465.00, $470.00, and $482.00. Above this last, the most important hurdle is at $505.00.

The overall price action is bearish, and a daily close below $450.00 and $445.00 could accelerate losses in Ether in the upcoming days. On the flip side, a bounce above $482.00 could start a major recovery in ETH/USD.

Weekly Resistance Levels

$482.00 and $505.00

Weekly Support Levels

$445.00 and $400.00

Daily RSI

The RSI is currently near the 30 level.

Daily MACD

The MACD is gaining pace 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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