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Ethereum Price Forecast: Ether Dragged Down Amid Sell-Off

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price declined further below key supports against the US dollar and bitcoin. ETH/USD is now at a risk of a bearish break below $400.00.

Key Highlights

Ether’s price declined sharply and broke a key support at $420.00 against the US dollar.
Key resistances are formed at $420.00 and $430.00 on the 2-hour chart of ETH/USD.
ETH/BTC failed to hold the 0.0700BTC support and is currently extending losses.

Technically, the 2-hour chart indicators are declining in the bearish territory.

Ether Price Analysis

Yesterday, we discussed a crucial double bottom pattern with support at $420.00. However, ETH/USD faced a fresh round of selling, resulting in a significant bearish break below $425.00 and $420.00.

More importantly, ETH/BTC declined further and broke the 0.0700BTC support, and could continue to trade lower toward 0.0680BTC and 0.0650BTC.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair failed to gain momentum above the $440.00 resistance, resulting in a fresh bearish wave. Ether sellers got control and broke a crucial support at $420.00.

The price declined below $410.00 and traded to a new monthly low. An immediate support awaits at $400.00, below which, the price could decline further toward the $380.00 and $375.00 levels.

To the topside, the broken support at $420.00 may possibly act as a resistance. However, the most important resistance is near $430.00 and two bearish trendlines on the same chart. A successful break above $430.00 and $440.00 is required to overcome further losses during the coming days.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, there is a major downtrend in place below $420.00. Should Ether buyers fail to keep the price above $400.00, it could move further into the red zone.

An initial resistance is at $412.00 and a bearish trendline followed by $420.00 and $430.00. The overall price action indicates Ether’s price is likely to continue declining toward $400.00 and $380.00. 

Important Resistance Levels

$420.00 and $430.00

Important Support Levels

$400.00 and $380.00

2-hour RSI

The RSI is currently near the oversold levels with many negative signs.

2-hour MACD

The MACD is gaining momentum 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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