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Ethereum Price Forecast: Ether’s Downward Drift And Recovery

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price extended losses against the US dollar. ETH/USD is currently stable above $412.00 with resistances near $425.00 and $430.00.

Key Highlights

Ether’s price fell further and broke the $425.00 support against the US dollar.
ETH/USD is recovering, but it could face hurdles near $425.00 and $430.00.
ETH/BTC is holding the 0.0550BTC support with little short-term indication of an upward move.

Technically, the 2-hour chart indicators are recovering from the oversold levels.

Ether Price Analysis

Yesterday, we discussed that ETH/USD buyers need to protect the $425.00 support. However, the pair failed to recover above the $445.00 resistance and declined toward $400.00.

On the other hand, ETH/BTC was stable above the 0.0550BTC support. The pair may possibly consolidate in the short term before attempting an upward recovery toward the 0.0580BTC and 0.0600BTC resistances.

Ethereum price forecast ETH

Looking at the 2-hour chart of ETH/USD, a bearish pattern formed once the pair broke the $460.00 support, below which, it formed two green candles before declining further. Later, it broke the $445.00 support, formed two more green candles, and fell once again.

The price traded as low as $412.04 and is currently recovering higher. The following three green candles signaled a positive shift above $410.00. However, Ether’s price is facing many hurdles near the $425.00 and $430.00 levels.

There is also a key connecting bearish trendline with resistance at $432.00 on the same chart. An intermediate resistance is the 23.6 percent Fibonacci retracement level of the last drop from the $484.10 high to $412.04 low.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, there is a strong resistance area near $430.00 and the price is struggling to close above a bearish trendline at $424.00.

Should the price fail to breach the $425.00-430.00 resistance region, it could decline back toward the last swing low of $412.00. Below this, the next important supports are $405.00 and $400.00. Conversely, a 2-hour close above $430.00 may well open the door for a recovery toward $460.00.

Important Resistance Levels

$425.00 and $430.00

Important Support Levels

$412.00 and $405.00

2-hour RSI

The RSI is correcting higher toward the 35-40 zone.

2-hour MACD

The MACD is reducing its bearish slope.

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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