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Ether Price Analysis
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ETH/USD Forecast: Ethereum Price Poised for Further Declines





Ether broke key support levels against the US dollar. ETH/USD moved into the bearish zone below $275.00 and is eyeing further declines.

Key Highlights

Ether failed to hold the $275.00 support against the US dollar and declined towards $250.00.
ETH/USD is now at risk of further declines below the $250.00 support.
ETH/BTC was flat with range moves above the 0.072BTC level.

Technically, the 4-hour chart indicators turned south and are declining in the bearish territory.

Ether Price Upsides Remain Capped

Yesterday, we discussed how a break of the $275.00 support of ETH/USD would indicate that the positive bias that started from $200.91 has ended. The pair failed to break the $295.00-$300.00 resistance and started a downside move.

Ethereum Price ETH/USD Forecast

There was a break in the range support at $275.00, opening the doors for a decline towards $250.00. During the downside move, the pair even breached the $265.00 support and traded as low as $252.03.

The pair traded close to the 50 percent Fibonacci retracement level (250.64) of the last upside move from the $200.91 low to $300.37 high and found support. Looking at the hourly chart of ETH/USD, a recovery wave was then initiated from the $252.03 low.

Buyers managed to take Ether’s price above the 23.6 percent Fibonacci retracement level of the last decline from the $293.52 high to $252.03 low. However, the upside move was protected by the $270.00 level and the 38.2 percent Fibonacci retracement level of the same wave.

The price traded lower once again and broke a contracting triangle pattern with support at $265.00 on the same chart. The recent downside break suggests that the price could retest the last low of $252.03.

Ether Price Analysis Chart

If buyers fail to defend the $252.00-$250.00 support, there would be an extension towards the 61.8 percent Fibonacci retracement level of the last upside move from the $200.91 low to $300.37 high at $238.00.

Looking at 4-hour chart of ETH/USD, there is a key bearish trendline at $285.00 which acted as a hurdle and caused a downside break of the $275.00 support.

On the upside, any recovery attempts by Ether buyers might continue to confront fresh offers near the $270.00-275.00 region, which if cleared, would trigger short-covering towards $285.00. On the downside, the next major support after $250.00 lies at $238.00.

Important Resistance Levels

$270.00 and $275.00

Important Support Levels

$250.00 and $238.00

4-Hour RSI

The RSI broke the 50 level and heading south.

4-Hour 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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