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Ethereum Price Forecast: Ether’s Next Leg Lower Underway

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price resumed its decline against the US dollar and bitcoin. ETH/USD could drop to $275.00 if there is a close below $300.00.

Key Highlights

Ether’s price broke a declining channel after trading as high as $327.39 against the US dollar.
A key bearish trendline is in place with resistance near $324.00 on the 2-hour chart of ETH/USD.
ETH/BTC broke the significant support at 0.0500BTC and is under a lot of selling pressure.

Technically, the 2-hour chart indicators are moving lower in the bearish territory.

Ether Price Analysis

After trading as low as $305.38, ETH/USD started a short-term correction and moved above the $315.00 and $325.00 levels. The pair traded as high as $327.39, started a fresh downward move, and fell below $300.00.

More importantly, ETH/BTC failed to recover and dropped below the significant support at 0.0500BTC. The pair may well continue to decline if buyers fail to push the price above 0.0500BTC and 0.0520BTC.

Ether Price Analysis Chart ETH

Looking at the 30-minute chart of ETH/USD, the pair topped at $327.39 and started a fresh downward move. It broke the $310.00 support and the 76.4 percent Fibonacci retracement level of the recent wave from the $305.38 low to $327.39 high.

Moreover, the pair broke a declining channel with support near $312.00 on the same chart. A new yearly low was formed below $300.00 and the price is currently consolidating around $290.00.

Should Ether’s price correct higher, the broken support at $312.00 and $320.00 are likely to prevent gains. The next important hurdle for Ether buyers is near a key bearish trendline with resistance near $324.00 on the 2-hour chart of ETH/USD.

Ethereum Price Forecast ETH

Finally, a close above the $325.00-330.00 resistance zone will most likely take Ether’s price toward the all-important $350.00 resistance (the previous support).

The 2-hour chart suggests that ETH/USD is trading well below a sharply bearish 50 SMA, while technical indicators are turning lower in negative territory, indicating that buying interest is quite limited. Therefore, a daily close below the $300.00 support should lead Ether to $286.00 or $275.00.

2-hour RSI

The RSI is moving lower and is currently below the 30 level.

2-hour MACD

The MACD is showing negative signs in the bearish zone.

Important Support Levels

$300.00 and $285.00

Important Resistance Levels

$312.00 and $324.00

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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