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Ethereum Price Forecast: Ether Sellers In Control

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading in a tight range against the US dollar and bitcoin. ETH/USD remains at a risk of more declines if it fails to stay above $420.00-425.00.

Key Highlights

Ether’s price remains in a bearish zone below the $450.00 resistance against the US dollar.
ETH/USD is following a range with support near $425.00 and resistance just below $450.00.
ETH/BTC is currently struggling to move above the 0.0700BTC resistance.

Technically, the 6-hour chart indicators are gaining momentum in the bearish territory.

Ether Price Analysis

During the past three sessions, ETH/USD traded in a range with a minor upward correction. The pair traded above the $440.00 level, but it failed to test the $450.00 resistance and is currently moving lower.

Similarly, there was a slight recovery in ETH/BTC above 0.0690BTC. However, the pair struggled to clear the 0.0700BTC resistance and it is currently trading in a negative zone.

Ether price Analysis Chart ETH

Starting with the 2-hour chart of ETH/USD, the pair attempted to break the $448.00-450.00 resistance area on two occasions and failed. It resulted in a downward move and the price traded below the $435.00 support.

Ether’ price is currently trading lower toward the range support at $426.00, below which, the next major support awaits at $420.00. However, should the price bounce back above $435.00, it could make another attempt to surpass the $450.00 resistance and a bearish trendline.

A successful close above $450.00 may perhaps open the doors for a larger upward correction. Moving up to the 6-hour chart of ETH/USD, the pair is currently testing a significant support near $420.00-425.00.

Ethereum price forecast ETH

The price action on the same chart suggests that Ether is at risk of a break below $420.00. In the mentioned case, the next crucial support for the current downtrend is at $400.00-405.00.

The 2-hour chart structure suggests that Ether could decline further, despite the oversold conditions seen in intraday technical indicators. The chances of a near-term bounce are slim unless ETH/USD buyers successfully defend the $420.00-425.00 support.

Important Resistance Levels

$435.00 and $450.00

Important Support Levels

$425.00 and $420.00

6-hour RSI

The RSI is currently well below the 40 level.

6-hour MACD

The MACD is gaining pace in the bearish zone.

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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