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Ethereum Price Forecast: Ether’s Price Action Indicating Weakness

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is showing a few signs of weakness against the US dollar and bitcoin. ETH/USD could decline below the $280.00 support if it fails to move past $300.00.

Key Highlights

Ether struggled to gain momentum above the $300.00 level and declined against the US dollar.
There was a break below a crucial bullish trendline with support at $296.00 on the 2-hour chart of ETH/USD.
ETH/BTC declined and failed to stay above the key support at 0.0450BTC.

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

Ether Price Analysis

During the past two sessions, there were a couple of attempts by ETH/USD to settle above the $300.00 level. However, the pair failed to gain pace and dropped below important supports like $296.00 and $290.00.

ETH/BTC also extended losses and declined below the key support at 0.0450BTC. Should the current selling pressure remain intact, the pair could drop toward the 0.0430BTC support area.

Ethereum Price ETH Forecast

Looking at the 2-hour chart of ETH/USD, the pair formed three swing highs at $321.12, $308.00, and $305.00. It seems like Ether buyers struggled to gain strength, resulting in a downward move below the $295.00 support.

More importantly, there was a break below a crucial bullish trendline with support at $296.00. Ether’s price also broke the 38.2 Fibonacci retracement level of the last wave from the $250.77 low to $321.12 high.

The current price action indicates that Ether could continue to move down toward the $280.00 support and 61.8 Fibonacci retracement level of the last wave. The 30-minute chart of ETH/USD also suggests a similar picture, with a close below the $295.00 support and a bullish trendline.

Ether Price Analysis Chart

The $280.00 support holds a lot a significance. Below it, the price will most likely move back in a bearish zone. The next major support is $262.00 followed by the last swing low at $250.00.

To sum up, the current technical structure is indicating weakness below $290.00 in ETH/USD, and the pair may accelerate losses if sellers gain control below $280.00.

Important Resistance Levels

$292.00 and $300.00

Important Support Levels

$280.00 and $262.00

2-hour RSI

The RSI is now below the 45 level and is heading south.

2-hour MACD

The MACD is gaining momentum in the bearish zone.

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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