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ETH/USD Forecast: Bearish Below $290

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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