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Ethereum Price Forecast: Ether At Major Crossroads

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is approaching crucial supports against the US dollar and bitcoin. ETH/USD could trade higher if it succeeds in clearing $465.00 and $480.00.

Key Highlights

Ether’s price remained under pressure below the $480.00 pivot level against the US dollar.
A significant support is formed above $450.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended declines and is approaching a key support at 0.0600BTC.

Technically, the 2-hour chart indicators are slowly declining in the bearish territory.

Ether Price Analysis

Ether faced an increased selling pressure and declined below the $460.00 support area. However, losses were limited and ETH/USD moved back above $460.00.

ETH/BTC remained in a bearish zone and declined below the 0.0620BTC support. The pair is under a lot of bearish pressure and it could trade toward the next significant support at 0.0600BTC.

Ethereum Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, the pair fell sharply and settled below the $480.00 pivot level. There was also a break below the 50 percent Fibonacci retracement level of the last wave from the $425.36 low to $515.09 high.

Later, the pair was upheld above $450.00 and a bullish trendline with current support near $454.00. But below this, Ether’s price could slide back toward the $425.36 swing low.

On the upside, a key bearish trendline has formed with resistance at $465.00 and the next important resistance for further gains awaits at $480.00. Dropping down to the 30-minute chart of ETH/USD, there is a declining channel in place with current resistance at $465.00.

Ether Price Analysis Chart

Therefore, a break above the $465.00 resistance could lead to a recovery in Ether. In the short-term, there may possibly be range moves above $455.00, but technical indicators on the 30-minute chart suggest a recovery.

Important Resistance Levels

$465.00 and $480.00

Important Support Levels

$460.00 and $450.00

2-hour RSI

The RSI is struggling to move higher and is currently around 35.

2-hour MACD

The MACD is placed heavily 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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