Key Highlights
Ether continued to trade in a tiny range with support at $192.00 against the US Dollar.
There is a crucial breakout pattern forming on the 4-hour chart of ETH/USD with resistance at $210.00.
ETH/BTC extended its decline and tested the 0.070BTC support area, putting pressure on ETH/USD.

Technically, the hourly chart indicators moving lower in the bearish territory.

Ether Price Testing Important Support

There was no respite for Ether buyers especially versus Bitcoin. ETH/BTC was under a lot of pressure and moved down by more than 12% towards 0.070BTC.

Ether Price Technical Analysis Chart

ETH/BTC’s decline has increased bearish pressures on ETH/USD. The pair is down by nearly 6% and trading below the $200.00 handle.

It seems like the pair may soon challenge the last swing low of $192.64, or even surpassing that mark to set a new intraday low. Looking at the hourly chart, there is a contracting wedge with support at $197.00.

The pair seems poised to break the wedge support for a run towards the $192.64 level. If bearish pressures remain intact, there is a possibility of ETH/USD trading towards $185.00 or even $175.00.

The 4-hour chart also points to a similar picture. There is a crucial breakout pattern forming with resistance at $210.00 and support at $190.00. The price is struggling to gain bullish momentum, putting it at a risk of a downside break.

Ethereum ETH USD Forecast

A break and close below the wedge support on the 4-hour chart would be a strong bearish signal. Therefore, if Ether’s price has to recover, buyers need to protect the $190.00 pivot.

On the upside, the wedge resistance sits at $210.00. A successful close above it would negate the current bearish momentum and might spur a rally towards $240.00.

To sum up, ETH/USD is approaching a crucial break and key supports at $190.00 and $175.00. Short-term bearish pressures is increasing, but the long term view should remain stable as long as there is no sustained move below $190.00.

Important Resistance Levels

$204.00 and $210.00

Important Support Levels

$192.00 and $190.00

Hourly RSI

The RSI is heading lower towards the 35 level.

Hourly MACD

The MACD is gaining pace in the bearish momentum.
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.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
07-29-2017 ETH/USD Forecast: Risk of Further Declines
07-28-2017 ETH/USD Forecast: Crucial Break Looming
07-27-2017 ETH/USD Forecast: Bullish on Break above $210
   

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