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ETH/USD Forecast: Crucial Break Looming

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s continuous struggle versus Bitcoin is putting pressure against the US Dollar as well. ETH/USD is now approaching a crucial break on the 4-hour chart.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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