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Ether Price Analysis
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ETH/USD Forecast: Buyers Struggling To Hold Gains





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. 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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