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Ether Price Analysis
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Ethereum Price Analysis: ETH/USD Breakdown Real?





Ether declined sharply against the US Dollar and BTC due to Chinese bitcoin exchanges shut down rumors. ETH/USD held $300.00-295.00 support and is currently consolidating.

Key Highlights

Ether fell sharply towards $295.00 against the US Dollar after rumors regarding Chinese bitcoin exchanges shut down.
The $340.00 resistance proved crucial and might continue to prevent upsides.
ETH/BTC declined sharply and even broke the 0.070BTC support.

Technically, the 4-hours chart indicators tuned lower in the bearish territory.

Ether Price Remains Supported

Yesterday, there was a sharp downside reaction in all major cryptocurrencies, including Bitcoin and Ether due to rumors regarding Chinese bitcoin exchanges shut down.

Ethereum Price ETH/USD Forecast

ETH/USD and ETH/BTC declined sharply below $300.00 and 0.070BTC respectively. Looking at the 4-hour chart of ETH/USD, it also seems like a technical failure near $340.00.

The stated $340.00 level acted as a giant barrier for buyers and protected further upsides. Therefore, I see the recent decline as a technical correction backed by a news event/rumor.

The rejection came from the 50 percent Fibonacci retracement level of the last drop from the $395.41 high to $275.82 low, and therefore it holds a lot of importance.

The pair traded below the 50 percent Fibonacci retracement level of the last leg from the $275.82 low to $341.68 high at $308.00, which is not a good sign. However, there was no complete test of the swing low of $275.00 and the $300.00-295.00 support acted as a decent hurdle for further declines.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, there is a short-term consolidation pattern forming with resistance near $305.00. In addition, two bearish trendlines are positioned to act as a breakout resistance at $305.00.

A successful close above $305.00 would set the tone for further recoveries towards $320.00 or even $330.00. On the downside, the recent low of $293.14 serves a short-term support.

The overall medium term trend is still above $275.00, but short-term downside spikes are possible if buyers fail to push Ether back towards $320.00. In this potential scenario, the sellers may then aim for the next target of $275.00.

Important Resistance Levels

$305.00 and $320.00

Important Support Levels

$300.00 and $293.00

Hourly RSI

The RSI has started recovering from the oversold readings.

Hourly MACD

The MACD has turned bearish, but momentum is fading.

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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