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Ether Price Analysis
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ETH/USD Forecast: Why Current Levels are Significant?





Ether is trading near significant support levels against the US Dollar and bitcoin. ETH/USD needs to avoid a daily close below $300.00 to evade further declines.

Key Highlights

Ether keeps its offered tone intact, recently trading as low as $275.82 against the US Dollar.
ETH/USD is attempting a close below a crucial bullish trendline support at $305.00 on the daily chart.
ETH/BTC is holding the 0.070BTC support, but remains at a risk of more declines.

Technically, the daily chart indicators have reached their midlines and gaining bearish momentum.

Ether Price Recovery Remains Capped

There was an increase in bearish sentiment on ETH/USD as the pair failed to hold an important support area near $305.00-300.00. Similarly, the ETH/BTC pair remained well offered and just managed to hold the 0.070BTC support.

Ethereum ETH/USD Forecast

Let’s start with the daily chart of ETH/USD, as it suggests an important technical structure. The chart shows how the pair failed to break a connecting trendline with resistance at $395.00-400.00 and started a sharp correction.

During the downside move, the pair breached a bullish trendline at $345.00 and formed a new monthly low at $275.82. Currently, Ether is struggling to hold another important bullish trendline with current support at $305.00.

The mentioned trendline support at $305.00 holds a lot of significance. A successful daily close below $305.00 would set the tone for further declines in ETH/USD towards the 50 percent Fibonacci retracement level of the last wave from the $133.79 low to $395.41 high around $265.00.

Below $265.00, the 61.8 percent Fibonacci retracement level of the last wave from the $133.79 low to $395.41 high at $233.00 could act as a key support zone in the near term.

Ether Price Analysis Chart

Moving on to the 2-hour chart of ETH/USD, the pair attempted a minor-recovery from a sharp decline to $275.82, but further upside lacks momentum.

There is a declining channel forming with current resistance at $310.00. Should there be a break and close above $310.00, the current bearish bias would start fading.

Overall, a daily closing within the $305.00-300.00 range could be significant. Bearish extension below $300.00 would risk a retest of $275.82, and then again at $265.00. On the other hand, an immediate up barrier could emerge at $310.00 followed by $325.00 and $330.00.

Important Resistance Levels

$310.00 and $325.00

Important Support Levels

$305.00 and $275.00

Daily RSI

The RSI is currently near the 50 level and heading south.

Daily MACD

The MACD has just entered 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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