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ETH/USD Forecast: Buyers Losing Grip

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether started a short-term downside move against the US Dollar and bitcoin. ETH/USD might soon test an important 365.00 support zone.

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.

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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