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Ethereum Price Forecast: Why Ether Must Hold $270

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is once again struggling against the US dollar and bitcoin. ETH/USD must stay above the $270.00 support to recover back above $290.00.

Key Highlights

Ether failed to hold gains above the $292.00 and $280.00 support levels against the US dollar.
ETH/USD broke a significant bullish trendline with support at $282.00 on the 2-hour chart.
ETH/BTC remains at a risk of a downside break below the 0.0400BTC support.

Technically, the 2-hour chart indicators are declining sharply in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that a bearish break below $292.00 in ETH/USD may initiate an extended downside correction. During the past few hours, the pair faced an increased selling pressure, resulting in a break below the $282.00 and $280.00 support levels.

ETH/BTC struggled to move above the 0.0415BTC and 0.0420BTC resistance levels, igniting a fresh bearish wave. The pair dropped and is currently at a risk of sliding below the 0.0400BTC support.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair formed a short-term top at $297.73 and broke the $292.00 support. Ether sellers got an opening and they succeeded in pushing the price below a significant bullish trendline with support at $282.00.

There was also a break below the 50 percent Fibonacci retracement level of the upside from the $269.69 low to $297.73 high. Should Ether settle below the $280.00 support and the 61.8 percent Fibonacci retracement level of the upside, there could be more losses.

The next crucial support and pivot zone awaits at $270.00, below which the price may dive toward the $250.00 support. Moving down to the 30-minute chart of ETH/USD, there is a clear bearish bias visible from the $296.18 swing high.

Ether Price Analysis Chart

To the topside, an initial resistance is near $280.00 and a bearish trendline. However, buyers will most likely face a strong resistance near $285.00 (the previous support) and another bearish trendline.

To sum up, Ether has trimmed this week’s gains and could test the $270.00 support, where buyers are likely to take a stand.

Important Resistance Levels

$280.00 and $285.00

Important Support Levels

$275.00 and $270.00

2-hour RSI

The RSI fell sharply below the 40 level.

2-hour MACD

The MACD turned sharply lower 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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