Key Highlights
ETH/USD struggled a lot this past week and closed below the $325.00 support.
The ETH/BTC pair also faced selling pressure and moved towards the 0.120BTC support.

Technically, the 12-hour chart indicators are turning bearish and signaling losses in the near term.

Ether Price to Test Crucial Supports

This past week was mostly bearish for Ether against the US Dollar and Bitcoin. It started with a correction phase which is slowly turning into a short-term negative sentiment.

Ether Price Weekly Analysis Chart

Looking at the 2-hour chart of ETH/USD, the first leg down was from $362.00 to $278.00. The pair got bid around $278.00 and started a recovery. It moved above the 38.2 percent Fibonacci retracement level of the last decline from $362.00 high to $278.00 low.

The upside move failed near a bearish trendline at $330.00 and the 50 percent Fibonacci retracement level of the last decline from $362.00 high to $278.00 low. There were 3-4 attempts to break the $330.00 resistance, but buyers failed to gain momentum and as a result, there was a yet another downside move.

The pair broke a short-term bullish trendline at $325.00, and is currently trading near $330.00. On the downside, the pair is about to retest the $278.00 swing low.

Ethereum ETH USD Forecast

Moving on to the 12-hour chart of ETH/USD, there is a crucial bullish trendline with support at $280.00. Below the trendline support at $280.00, there are two key pivot levels at $260.00 and $200.00.

If Ether continues to decline from the current levels, it may find support near $280.00 or $260.00. Any further declines should be limited considering the long-term market sentiment is still bullish.

On the upside, there is a monster bearish trendline with resistance at $330.00-335.00. A break and close above $335.00 would negate the current short-term bearish bias and put the price back in the bullish zone.

Weekly Resistance Levels

$330.00 and $350.00

Weekly Support Levels

$280.00 and $260.00

12-hour RSI

The RSI may soon break the 50 level.

12-hour MACD

The MACD is about to move into the bearish zone.
Disclaimer:
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.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
06-26-2017 ETH/USD Forecast: Bearish Below $290
06-25-2017 ETH/USD Weekly Forecast: Ether at Risk of Further Declines
06-24-2017 ETH/USD Forecast: Ether Gathers Traction on USD Weakness
   

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