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Ether Price Analysis
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ETH/USD Weekly Forecast: Ethereum Price at Risk





Ether is at a huge risk of breakdown against the US Dollar and bitcoin. ETH/USD needs to stay above $295.00 to avoid any major declines.

Key Highlights

Ether is finding it hard to hold bullish ground above $300.00 against the US Dollar.
ETH/USD is testing a monster bullish trendline with support at $295.00 on the daily chart.
ETH/BTC is poised to extend declines below the 0.070BTC level.

Technically, the daily chart indicators have turned bearish and likely to extend moves in the bearish territory.

Ether Price Remains

Ether buyers had a bad week as the price declined after gaining strength against the US Dollar and bitcoin. Both ETH/USD and ETH/BTC failed to hold important support levels and moved into bearish territory.

Ethereum Price ETH/USD Forecast

Earlier during the week, the ETH/BTC pair corrected higher, but failed to remain above 0.075BTC and is currently trading below the 0.070BTC support.

Starting with the daily chart of ETH/USD, the pair is trading near a key support area at $300.00-295.00. There is a monster bullish trendline with support at $295.00. The stated trend line support at $295.00 recently held the downside move and protected sellers from taking control.

The $295.00 support zone is clearly very significant and acted as a major pivot area many a times. A daily close below the trendline support of $290.00 would open the doors for sustained downsides towards $275.00 or even $250.00.

An intermediate support awaits around the 50 percent Fibonacci retracement level of the last leg from the $133.79 low to $395.41 high at $264.00.

Ether Price Analysis Chart

Alternatively, if Ether buyers succeed in defending the trendline support, the price would once again attempt a test of the $340.00 resistance.

The 2-hour chart of ETH/USD shows that the pair is following a bearish structure with current supports at $295.00 and $275.00. There is a short-term connecting trendline at $295.00 and a horizontal support at $275.00.

On the upside, there is a bearish trendline with resistance at $325.00, which can be considered as a pivot zone for the current bias.

Overall, today’s close is very important and Ether must stay above $295.00. A strong reversal through the recent lows at $295.00-290.00 would negate further losses in ETH/USD.

Weekly Resistance Levels

$325.00 and $340.00

Weekly Support Levels

$295.00 and $275.00

Daily RSI

The RSI has moved below the 50 level, but lacking momentum.

Daily MACD

The MACD has 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, 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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