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Ethereum Price Forecast: Ether's Recovery Won’t Be Easy

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is declining toward important supports against the US dollar. ETH/USD is likely to bounce back after testing the $452.00 support area.

Key Highlights

Ether’s price declined and settled below the key support at $470.00 against the US dollar.
A crucial resistance has formed near $470.00-475.00 on the 30-minute chart of ETH/USD.
ETH/BTC is slowly recovering and moving higher toward the 0.0600BTC resistance.

Technically, the 30-minute chart indicators are signaling a strong bearish bias.

Ether Price Analysis

During the past three sessions, there was no major upward move for ETH/USD. The pair struggled to recover above the $480.00 resistance level, resulting in a decline.

On the other hand, ETH/BTC started an upward correction and is slowly moving toward the 0.0600BTC resistance. Bitcoin's price declined sharply below $8,000 versus the US dollar, helping Ether in correcting higher.

Ether Price Analysis ETH

The 30-minute chart of ETH/USD indicates that the pair started a major drop after forming the $484.10 high. It fell and broke a key support area near $470.00-475.00. Ether sellers gained control, resulting in a break below the $460.00 support.

The price traded as low as $456.99 and is currently recovering higher. There is an initial resistance near $465.00 and the 23.6 percent Fibonacci retracement level of the last drop from $484.10 high to $456.99 low.

However, the most important resistance is around $475.00 and a bearish trendline on the same chart. If it can overcome this hurdle, Ether’s price will most likely revisit the $485.00 resistance area.

Should the price fail to move past $465.00, it could resume its descent toward the $456.99 low and a connecting support trendline on the 30-minute chart. Below this, ETH/USD may perhaps trade toward a crucial bullish trendline with support at $452.00 on the 4-hour chart.

Ethereum Price Forecast ETH

The chart suggests that the price is currently in the fifth wave from the $515.09 high. It may well complete the current wave structure anywhere between $440.00-450.00 and climb higher.

Overall, Ether's recovery won’t be easy but as long as the price is above the $440.00 low, it could bounce back and break the $485.00 resistance in the near term.

Important Resistance Levels

$465.00 and $475.00

Important Support Levels

$456.00 and $452.00

30-minute RSI

The RSI is now well below the 35 level.

30-minute MACD

The MACD is gaining strength 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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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.