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Ether Price Analysis
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ETH/USD Forecast: Risk of Further Declines





Ether extended declines versus the US Dollar and Bitcoin. ETH/USD is currently at a major risk of heavy declines if sellers remain in control.

Key Highlights

Ether failed to hold the $190.00 support against the US Dollar and declined towards $180.00.
The ETH/USD pair is now at a major risk of a breakdown on the 4-hour chart with immediate support at $175.00.
ETH/BTC remained under heavy selling pressure and moved towards 0.066BTC.

Technically, the 4-hour chart indicators moved below their midlines, signaling caution.

Ether Price Breaks Key Support

Both ETH/USD and ETH/BTC pairs struggled to recover during the past two sessions and extended declines below $190.00 and 0.070BTC respectively.

Ether Price Technical Analysis Chart

Bearish pressures increased on ETH/BTC which added to selling pressure on ETH/USD. As a result, the pair broke a key support area at $190.00 on the hourly chart.

Initially, there was a break below a preliminary support of $200.00, which continued towards a clear close below the $190.00 pivot. The pair now seems to be heading towards the $175.00 level as pointed in yesterday’s analysis.

The current decline in ETH/USD is gaining momentum and could result in a move towards $175.00 or even lower. On the upside, the broken support at $190.00 may now act as a resistance. Above $190.00, the $200.00 handle would be the next barrier for buyers.

Looking at the 4-hour chart of ETH/USD, the pair is about to settle (H4 close) below an important support at $190.00. It may soon test the next immediate support of $175.00.

Ethereum ETH USD Forecast

The $175.00 support is also the 61.8 percent Fibonacci retracement level of the last wave from the $133.79 low to $256.08 high.

Below $175.00, sellers could target the last swing low of $133.79 or at least $160.00. To the topside, there is a crucial bearish trend line with resistance near $210.00.

The overall short-term market sentiment is bearish below $190.00- 200.00. As we move to the next week, we might witness an increase in volatility. We need to keep a close watch on the $175.00 support and $200.00 resistance for the next break in ETH/USD.  

Important Resistance Levels

$190.00 and $200.00

Important Support Levels

$175.00 and $160.00

4-Hour RSI

The RSI has moved below the 50 level and heading lower.

4-Hour MACD

The MACD is gaining strength 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. 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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