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.
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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.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
07-30-2017 ETH/USD Weekly Forecast: Bullish Reversal In The Cards
07-29-2017 ETH/USD Forecast: Risk of Further Declines
07-28-2017 ETH/USD Forecast: Crucial Break Looming
   

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