Key Highlights
The ETH/USD pair was unable to retain gains above $280 and currently trading lower.
There is an important contracting triangle (descending) pattern with support at $200-210 forming on the daily chart.
The ETH/BTC pair is just holding the 0.100BTC support and remains at a risk of more declines.

Technically, the daily chart indicators are still in the bullish territory and moving lower towards their mid-lines.

Ether Price Grinding Lower

There were a lot of swing moves this past week and Ether mostly remained in a bearish trend against the US Dollar and Bitcoin.

Ethereum ETH USD Weekly Forecast

The ETH/USD pair declined sharply towards the $200 handle and traded as low as $209. A short-term double bottom pattern was formed near $210 which ignited a rally.

The pair traded higher and there were two solid bullish candles formed on the daily chart. However, the upside move was prevented by an important contracting triangle (descending) pattern at $315-320.

The pair is again moving lower and the last three daily candles are signaling a short-term bearish bias. It seems like the pair is following a declining path and might retest $210.

The $210-200 support is crucial for the larger bullish trend. It already protected declines on two occasions and if the pair attempts a break for the third time, it might struggle.

The chances of buyers defending a break and close below $200 are very high. If they fail, Ether’s price may form a medium-term downtrend with high possibilities of it testing $120-100.

On the upside, ETH/USD needs to overcome offers near the contracting triangle resistance at $290. Once there is a proper daily close above $290-300, the price might gain bullish momentum for a move towards $400 at least.

Ether Price Technical Analysis Weekly Chart

The 2 hours chart is also pointing a similar picture. There is a descending channel with resistance at $280. The pair may continue to decline in the near term and could even break the channel support at $250.

To sum it up, the $210-200 support holds the key and must remain intact for Ether to avoid major declines.

Weekly Resistance Levels

$280.00 and $300.00

Weekly Support Levels

$240.00 and $210.00

Daily RSI

The RSI is heading lower towards the 50 level.

Daily MACD

The MACD has almost reduced its bullish slope.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
07-03-2017 ETH/USD Forecast: Bullish Rally Takes a Breather
07-02-2017 ETH/USD Weekly Forecast: Ether Holding Downtrend Support
07-01-2017 ETH/USD Forecast: Buyers Struggling To Hold Gains
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest