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Ethereum Price Forecast: Ether Bearish Below Key Supports

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price action is indicating a bearish bias against the US dollar and bitcoin. ETH/USD settled below $280.00, which is a strong bearish sign.

Key Highlights

Ether reversed all its gains and broke the $280.00 and $270.00 supports against the US dollar.
A crucial bearish trendline is positioned with resistance at $290.00 on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to recover and may extend its decline toward 0.0415BTC.

Technically, the 30-minute chart indicators are signaling a range pattern in the bullish territory.

Ether Price Analysis

Yesterday, we discussed a possible false break above the $290.00 level in ETH/USD. The pair made a u-turn and reversed all its gains to settle below an important support at $280.00.

ETH/BTC is under a lot of pressure below the 0.0440BTC support. The pair may perhaps extend its decline to 0.0415BTC, below which Ether will most likely test the 0.0400BTC level.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, there was a solid decline from the $298.00-300.00 resistance zone. The pair dropped and broke the $280.00 support level to trade below the last swing low of $270.00. A new weekly low was formed at $259.56; later, the price corrected a few points.

However, the upward move was capped, and Ether’s price is currently following a bearish trendline with resistance at $275.00 on the same chart. Should there be a bullish break above $275.00, the next resistances are at $280.00 and $290.00.

Ethereum Price ETH Forecast

On the downside, an initial support awaits at $268.00, below which the price could test the recent low near $260.00. Moving up to the 2-hour chart of ETH/USD, the pair is clearly in a downtrend from the $321.12 swing high and could drop below the $268.00 pivot level in the near term.

To the topside, the $280.00 resistance and a bearish trendline with resistance at $290.00 are key hurdles for Ether buyers. Only a proper break above these resistances followed by a close above $300.00 may possibly spark more upsides in ETH/USD.

30-minute MACD

The MACD is showing negative signs in the bearish zone.

30-minute RSI

The RSI is currently well below the 50 level.

Important Support Levels

$268.00 and $260.00

Important Resistance Levels

$280.00 and $290.00

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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