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Ethereum Price Forecast: Ether’s Recovery Wavering

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price resumed its slide against the US dollar and bitcoin. ETH/USD is at a risk of further losses if it fails to break the $455.00 resistance.

Key Highlights

Ether declined below $460.00 against the US dollar.
A significant resistance is formed near $455.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended declines and dipped below the 0.0720BTC support level.

Technically, the 2-hour chart indicators failed to move above their midlines and declined in the bearish territory.

Ether Price Analysis

Yesterday, we discussed a short-term positive bias above the $450.00 support. However, ETH/USD failed to gain momentum above the $475.00 resistance and declined below the $460.00 and $450.00 support levels.

ETH/BTC declined further and tested the 0.0720BTC support level. The pair could bounce back in the short term toward the 0.0750BTC resistance, but recoveries might be capped.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair was rejected above $470.00 and formed a high at $473.49. A fresh bearish wave was initiated and the price declined below the $460.00 and $450.00 support levels.

More importantly, there was a break below the 50 percent Fibonacci retracement level of the last wave from the $421.80 low to $473.49 high. Should the price settle below $450.00, there could be more losses toward $435.00 and $425.00 in the near term.

On the upside, there is a bearish trendline and a horizontal resistance near $455.00. A successful break above this is required for a new upward wave toward $470.00. Moving up to the 2-hour chart of ETH/USD, the pair is clearly struggling to hold gains above $450.00 and it seems like it could revisit the $425.00 support.

Ethereum Price Analysis ETH

To the topside, there is a connecting bearish trendline forming with resistance at $470.00. Therefore, the price is facing hurdles at $455.00, $460.00, and $470.00.

The short-term picture for Ether is neutral-to-bearish as technical indicators hold within the negative territory. The key support is near $425.00, where ETH/USD bottomed recently.

Important Resistance Levels

$455.00 and $470.00

Important Support Levels

$435.00 and $425.00

2-hour RSI

The RSI is dipping and heading south toward the 30 level.

2-hour MACD

The MACD is placed 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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