Key Highlights
After facing heavy offers near $395.00, Ether’s price started declining against the US Dollar.
There was a break below a bullish trendline at $390.00 and a horizontal support at $385.00 on the 30-minute chart of ETH/USD.
ETH/BTC declined and failed to hold the 0.080BTC support level.

Technically, the 2-hour chart indicators are turning lower towards their midlines.

Ether Price Supports Intact

Yesterday, we were looking for a test of $400.00, but ETH/USD struggled near $395.00 and started a downside move. The technical indicators on the 2-hour chart were showing signs of trend exhaustion, which later resulted in a decline.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair declined towards 0.080BTC. The downside move was strong enough to take out a buy wall near 0.080BTC and the pair fell towards 0.078BTC.

Looking at the 30-minute chart of ETH/USD, the pair attempted a break above $395.00 on three occasions. However, buyers failed to gain momentum for a test of the $400.00 level.

As a result, the price declined below a bullish trendline at $390.00 and a horizontal support at $385.00. A new intraday low is formed at $375.41 and it seems like the current decline could extend towards $370.00 or even $365.00.

On the upside, the broken horizontal support at $385.00 would act as a resistance and prevent gains. Moving on to the 2-hour chart of ETH/USD, there are clear signs of a short-term top near $395.00.

Ethereum ETH/USD Forecast

The pair broke two key bullish trendlines at $390.00 to start the current decline. The next important support area is near another bullish trendline on the same chart at $370.00 along with a horizontal support at $368.00.

The 50 percent Fibonacci retracement level of the last wave from the $335.40 low to $395.41 high near $365.00 is a crucial support for the current bullish bias. Should there be a close (H2) below $365.00, the pair would decline towards the $350.00 pivot level.

To sum up, ETH/USD has turned bearish short term after struggling to break $395.00. There can be more declines, but as long as it stays above $350.00, it could bounce back.

Important Resistance Levels

$385.00 and $395.00

Important Support Levels

$365.00 and $350.00

2-Hour RSI

The RSI is about to break the 50 level.

2-Hour MACD

The MACD has turned lower and moved into the bearish zone.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Struggles near $298-$300
09-03-2017 ETH/USD Monthly Forecast: Holding Crucial Support
09-02-2017 ETH/USD Forecast: Buyers Losing Grip
09-01-2017 ETH/USD Forecast: Ether Remains Elevated
   

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