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ETH/USD Forecast: Reversal Signal is Forming?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is once again forming a bearish structure against the US dollar and bitcoin. ETH/USD may soon test $250.00 and remains at risk for more losses.

Key Highlights

Ether came under renewed bearish pressure and broke an important support at $270.00 against the US dollar.
ETH/USD has breached a crucial trendline support at $270.00 on the 6-hour and 2-hour chart.
ETH/BTC extended its decline by around 6 percent and broke the 0.105BTC support.

Technically, the 2-hour chart indicators are turning bearish and signaling chances of further declines.

What’s Stopping Ether Price from Moving Higher?

In yesterday’s ETH/USD analysis, we analyzed a critical support area near $270.00 and were looking for Ether to extend gains above $280.00.

Ether Price Technical Analysis Chart

However, the pair failed to gain momentum and started a downside move below $275.00. The decline was such that even the $270.00 support failed to hold losses.

Sellers also succeeded in breaking a key bullish trendline on the 2-hour chart of ETH/USD at $270.00. It’s a short-term bearish signal calling for a test of the last swing low of $250.00.

There is a crucial bearish trendline on the upside with current resistance as $272.00. It’s the main reason why Ether failed to break $282.00 and moved lower.

Looking at the 6-hour chart, there’s a similar picture. The pair broke a key bullish trendline at $270.00. On the upside, there are two key bearish trendlines stopping gains above $280.00-290.00.

The pair is now below the 50 percent Fibonacci retracement level of the last leg from the $209.00 low to $321.00 high, signaling completion of the last bullish wave from $250.00 to $321.00.

Ethereum ETH USD Forecast

If the recent break is real, there’s a chance of Ether extending its decline and moving towards $220.00-210.00 support.

An intermediate support is at $250.00 which might hold the current decline in the short term. However, the price needs to break the trendline resistance at $280.00-290.00 to completely overcome bearish pressure from the $321.00 swing high.

In the short term, bearish pressures are definitely on. Supports can be found at $250.00 (July 01, 2017, low), $220.00 and $209.00 (June 27, 2017, low).

2-Hour MACD

The MACD is slowly moving into the bearish zone.

2-Hour RSI

The RSI is currently below 50, but there is a lack of bearish momentum.

Important Support Levels

$250.00 and $220.00

Important Resistance Levels

$270.00 and $280.00

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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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.