ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Monday Jul 23rd 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

ETH/USD Weekly Forecast: Risk of Bounce Grows

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended its decline below key levels against the US Dollar and Bitcoin. ETH/USD is likely searching for a bottom and approaching another significant support.

Key Highlights

Ether continued to decline despite extreme oversold readings on all major timeframes against the US Dollar.
The ETH/USD pair is forming a crucial declining wedge with support near $145.00 on the daily chart.
ETH/BTC may soon test a major support area at 0.080BTC, which holds a lot of importance for the larger trend.

Technically, the daily chart indicators have reached extreme oversold readings.

Ether Price Bottom May Find Bottom Soon

The ETH/USD pair broke below the key support at $200.00, which becomes a major resistance now. The downward momentum is further reinforced by both declining 20-period and 10-period moving averages (daily chart).

Ethereum ETH/USD Weekly Forecast

During the past three days, we discussed the importance of a daily close below $200.00. The pair remained above the stated support for a brief period, but later settled below $200.00 (yesterday’s close was at $197.99).

The price declined and even broke the last swing low of $174.08, forming a new low below $160.00. The current bias is strongly negative, calling for more losses towards $150.00-140.00.

Looking at the daily chart of ETH/USD, there is a crucial declining wedge forming with support near $145.00. The next major support awaits near $145.00, representing a wedge support as well as the May 26, 2017 low.

The wedge pattern on the daily chart may play a key role for Ether’s price since it is a contracting breakout pattern. In due course, the price will have to break the pattern, before making the next move.

Due to recent declines, various important supports have been presented, ranging from $150.00 to $145.00 and $120.00 on the downside. On the upside, the recent broken support at $200.00 becomes a major resistance and now coincides with the wedge upper trend line as well.

Ether Price Weekly Analysis Chart

Above $200.00, there is a bearish trend line on the 6-hour chart of ETH/USD at $206.00. A close above $200.00-210.00 could push the pair back in the bullish zone.

At this time there is little to suggest Ether wont pursue a recovery. Almost all technical indicators are pointing oversold conditions. Therefore, sellers need to be careful in the near term as the chances of a bottom formation increases in the coming days.

Weekly Resistance Levels

$200.00 and $210.00

Weekly Support Levels

$150.00 and $145.00

Daily RSI

The RSI is moving further into the oversold levels.

Daily MACD

The MACD is in the bearish zone with a divergence.

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.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price Chart, Ether Price and Ethereum Analysis News.

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.