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Ethereum Price Analysis: ETH/USD Poised For Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is at a crucial juncture against the US dollar and bitcoin. If ETH/USD closes below $275.00, there can be further declines.

Key Highlights

Ether is at a major risk of further declines below $275.00 against the US dollar.
ETH/USD broke a crucial bullish trendline with support at $310.00 on the daily chart.
ETH/BTC is once again below 0.070BTC and moved into the bearish zone.

Technically, the daily chart indicators turned bearish and are signaling a bearish trend.

Ether Price Declines To Accelerate

The past two days turned out to be very bearish for Ether as it struggled to hold a few important support levels against the US dollar and bitcoin.

Ether Price Analysis

The ETH/USD pair is now at a major risk of further declines below $275.00. Looking at the daily chart, the pair has breached a crucial bullish trendline with support at $310.00 and is currently consolidating losses.

At the outset, the pair is holding a major pivot region near $275.00-$265.00. The $265.00 support is very significant since it is the 50 percent Fibonacci retracement level of the last leg from the $133.79 low to $395.41 high.

If there is a daily close below the stated $265.00 support, the price would accelerate its decline towards the next support below $250.00. However, in the mentioned scenario, the price is more likely to hold $240.00.

The next major support is the 61.8 percent Fibonacci retracement level of the last leg from the $133.79 low to $395.41 high near $233.00.

Ethereum Price ETH/USD Forecast

Dropping down to the 4-hour chart of ETH/USD, there are many bearish signals including a break of a contracting triangle pattern at $280.00. It has set a negative tone and the pair is now at a major risk of further declines, possibly below $300.00.

That said, Ether’s price has to move above $310.00 by end of today or tomorrow to avert any major declines. The short term trend is now bearish with an immediate support pegged near $265.00, below which ETH/USD could drop back to multi-week lows support near the $233.00 level.

Important Resistance Levels

$295.00 and $310.00

Important Support Levels

$265.00 and $233.00

Daily RSI

The RSI is now below the 50 level and heading south.

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. 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.