ETH/USD Weekly Forecast: Ethereum Price at Risk
|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.
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.
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.