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ETH/USD: Bearish Continuation or Bottom?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether faced fresh selling interest against the US dollar and bitcoin. ETH/USD suffered heavy losses and was down by more than 20 percent to $175.00.

Key Highlights

Ether fell sharply and failed to hold an important support at $210.00 against the US dollar.
ETH/USD is attempting close below a strong support zone near $200.00 on the daily chart.
ETH/BTC declined by more than 10 percent and traded below the 0.085BTC support.

Technically, the daily chart indicators reached oversold readings for the first time in the past three months.

Can Ether Price Avoid Daily Close Below $200.00?

Ether just keeps on falling despite reaching important support levels against the US dollar and bitcoin. ETH/USD was down more than 20 percent to $174.08, and ETH/BTC declined below the 0.085BTC support.

Ether Price Technical Analysis Chart

Let’s start with the 2-hour chart of ETH/USD, which clearly points to a strong downside move from $275.00 to $175.00. The pair today traded to a new monthly low at $174.08 before running into fresh buyers.

There was a break below a short-term support at $240.00, igniting a sharp downside move. The decline was such that the pair even failed to hold the $210.00-200.00 support zone.

A bearish trendline with current resistance as $225.00 protected gains in Ether. At the moment, it seems like the $175.00 level is holding losses. There is a chance of a short-term bottom at $175.00 for a correction towards $200.00 or $225.00.

To overcome selling pressure, the price needs to break the trendline resistance at $225.00 and the 50 percent Fibonacci retracement of the decline from the $275.00 high to $174.08 low.

Ethereum ETH/USD Forecast

However, the most important move would be a daily close below $200.00. Looking at the daily chart of ETH/USD, it is quite clear that the $200.00 handle is a strong support and a close below it could add to bearish pressures.

The pair must avoid a daily close below $200.00. If it succeeds, buyers may have a real chance of attempting a substantial recovery.

In the short-term, any major setbacks below $175.00 seem unlikely. A gradual rise is possible towards $200.00 and $225.00.

2-Hour MACD

The MACD is in a strong bearish zone.

2-Hour RSI

The RSI has reached extreme oversold readings, and is currently attempting a recovery.

Important Support Levels

$175.00 and $160.00

Important Resistance Levels

$200.00 and $225.00

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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