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Ether Price Analysis
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ETH/USD Forecast: Bearish Below $290





Ether is gaining bearish momentum against the US dollar and bitcoin. A daily close below $290.00 in ETH/USD could ignite further declines.

Key Highlights

ETH/USD is facing a lot of pressure and broke a crucial support at $290.00.
On the upside, there is a major resistance cluster forming near $280.00-290.00.
ETH/BTC is managing to hold an important support at 0.100 BTC, but remains at a risk.

Technically, the hourly chart indicators have reached extreme oversold readings.

Ether Price Rebound Possible?

Ether has once again met selling interest and declined against the US dollar and bitcoin. ETH/USD has been trading substantially lower in recent days, extending its losing streak earlier today to $250.00, its lowest this week.

Ether Price Technical Analysis Chart

The hourly chart shows that the price keeps retreating towards a bearish 10 SMA, while technical indicators retreat within negative territory, supporting further declines on a break below $250.00.

There are a few important points to note when looking at the hourly chart:

  1. The pair is following a couple of key bearish trend lines with resistance levels at $280.00 and $290.00.
  2. The previous major support at $290.00 may now act as a resistance.
  3. Recoveries towards $280.00 or $290.00 could face a lot of selling pressure.

On the downside, the recent low of $250.66 might continue to hold losses. However, it won’t be easy for buyers to defend $250.00 if Ether’s price fails to move back above $290.00.

An initial resistance is near $280.00 which coincides with the 38.2 percent Fibonacci retracement level of the last drop from $320.00 to $250.00.

The 4 hours chart of ETH/USD also points the significance of the $290.00 resistance. It was a crucial support and is now acting as a hurdle for a recovery.

Ethereum ETH USD Forecast Chart

Should there be a daily close below $290.00, losses might extend at a greater pace. It seems like Ether’s price is facing a tough time, calling for a short-term bearish bias.

Below $250.00, we can see a test of $220.00 which is another important support zone for ETH/USD. On the other hand, the pair can extend its advance up to $320.00 on a break of $290.00, although profit taking around $320.00 will likely prevent the pair from advancing further.

Important Resistance Levels

$280.00 and $290.00

Important Support Levels

$250.00 and $220.00

Hourly RSI

The RSI has reached extreme oversold levels.

Hourly MACD

The MACD is extending its bearish slope with strong momentum.

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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