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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. 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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