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Ether Price Analysis
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ETH/USD Forecast: Gaining Downward Strength





Ether declined heavily against the US Dollar and bitcoin due to China’s ban on raising funds through ICOs. ETH/USD is down by more than 10%, but holding the $300.00 handle.

Key Highlights

Ether fell hard during the past few hours, testing the $305.00 support against the US Dollar.
There is a major bearish trendline forming with resistance near $348.00 on the 2-hour chart of ETH/USD.
ETH/BTC also declined sharply and traded towards the 0.070BTC level.

Technically, the 30-minute chart indicators are recovering from the extreme oversold conditions.

Can Ether Price Bounce Back?

It seems like the ETH/USD pair carved a short-term top near $395.41 and is currently gaining downward strength. Ether was down sharply during the past few hours after China banned companies from raising funds through ICOs.

Ethereum ETH/USD Forecast

Many other major cryptocurrencies including Bitcoin faced a lot of selling pressure. The ETH/BTC pair also declined and moved towards the next important support of 0.070BTC.

The 2-hour chart of ETH/USD clearly highlights how a top was formed near $395.41. The pair is down by more than 20% from the mentioned high, recently trading near a crucial monthly pivot of $305.00.

Initially, there was a break below two bullish trendlines near $380.00. It cleared the way for a downside acceleration, causing the pair to fall sharply by more than $50.00.

There was a recovery attempt from the $330.00 support, but buyers failed to break a bearish trendline on the same chart at $370.00. As a result, the pair resumed its downside move and cleared a connecting bullish trendline at $345.00.

All these are bearish signs point to a short-term trend change for Ether. On the upside, the bearish trendline with current resistance at $348.00 is now a crucial hurdle.

Ether Price Analysis Chart

Moving on to the 30-minute chart of ETH/USD, the pair is attempting a recovery after trading as low as $303.52. An initial resistance waits around the 23.6 percent Fibonacci retracement level of the last decline from the $370.37 high to $303.52 low.

Further to the upside, the $340.00 level (support turned resistance) could act as a sell zone in the near term. On the downside, the $305.00-300.00 support is very important. A close below $300.00 would open the doors for further declines in Ether’s price.

Important Resistance Levels

$340.00 and $348.00

Important Support Levels

$305.00 and $300.00

2-Hour RSI

The RSI has reached extreme oversold conditions.

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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