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
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Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
07-07-2017 ETH/USD Forecast: Ether Sidelined below $275
07-05-2017 ETH/USD Forecast: Reversal Signal is Forming?
07-04-2017 ETH/USD Remains Bullish Above $270

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