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ETH/USD Forecast: Buyers Struggling To Hold Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether slowly declining lower after oscillating in a range against the US Dollar and Bitcoin. The next major support for ETH/USD is near $260.

Key Highlights

The ETH/USD pair failed to hold the $290-280 support area and traded towards $260.
It seems like buyers are struggling for a daily close above $300-310, escalating risk of a downside reaction.
The ETH/BTC pair also moved down by roughly 5% and traded below the 0.115BTC support zone.

Technically, the hourly chart indicators moved below their mid-lines to enter into the bearish territory.

Ether Price Forming Extended Range

The ETH/USD pair is making a bigger degree three wave pullback, and recently broke the $280 support to initiate the second wave.

Ether Price Technical Analysis Chart

Yesterday, we saw a key triangle support on the 2 hours chart near $280. The pair failed to hold the mentioned triangle support and started yet another downside move.

When we look at the hourly chart of ETH/USD, there was a perfect close below the $290-280 support. This means more weakness can follow on the pair and ideally search for a support around $260.

The 50 percent Fibonacci retracement level of the last leg from the $209 low to $324 high is also near $260. At the moment, the pair is consolidating below $280 and a further bout of profit taking could take it towards $260.

Looking at the 4 hours chart, there is a descending channel support forming that could slowly take the pair lower. On the upside, a break above the channel resistance at $300 might call for a test of a bearish trend line at $305.

Ethereum ETH USD Forecast

There is a possibility of a three wave formation from the $324 swing high. The second wave may complete anywhere near $260, and the third wave could be the final leg in which the pair should trade above $300.

If ETH/USD fails to hold $260, it may ignite a larger pullback towards $210. On the upside, a close back above $280 is needed for the pair to gain pace above $300 in the near term.

Important Resistance Levels

$280.00 and $300.00

Important Support Levels

$260.00 and $210.00

Hourly RSI

The RSI broke the 50 level and struggling to maintain the momentum.

Hourly MACD

The MACD has moved into the bearish zone to signal a downside wave.

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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