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Ethereum Price Forecast: Ether At Risk Of More Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price moved into the bearish zone against the US dollar and bitcoin. ETH/USD is currently at risk of more losses toward the $190.00 level.

Key Highlights

Ether’s price failed to hold the important support at $223.00 and declined sharply against the US dollar.
ETH/USD broke a major bullish trendline with support at $225.00 on the 6-hour chart.
ETH/BTC also fell sharply and tested the 0.0320BTC support level.

Technically, the 6-hour chart indicators are accelerating lower in the bearish territory.

Ether Price Analysis

There was an increase in selling pressure on ETH/USD below the $230.00 level. The pair failed to hold the key support at $223.00 and declined toward the $200.00 handle.

Similarly, ETH/BTC also declined and moved below the 0.0350BTC support. The pair tested the next major support at 0.0320BTC, and it seems like it could decline further toward the 0.0300BTC level.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair fell sharply from the $235.00 high. The pair broke the $223.00 and $220.00 supports and also cleared the 50 Fibonacci retracement level of the last major wave from the $167.73 low to $254.66 high.

More importantly, there was a close below a major bullish trendline with support at $225.00 on the same chart. The next major support on the downside is at $200.00 and $192.00. An intermediate support is at $298.00 and the 61.8 Fibonacci retracement level of the last major wave.

The recent low was formed at $203.56, and the price is currently correcting higher. Ether’s price is testing a connecting bearish trendline with resistance at $210.00-212.00.

Ether Price Analysis Chart ETH

A successful close above $212.00 and $215.00 may push the price toward the $220.00 level (the previous support). Above the latter, the price is likely to face heavy selling interest around the $230.00 level.

On the downside, the recent low at $203.56 is a short-term support. Should Ether surpass the mentioned low, the price could continue to move down toward the $200.00 and $192.00 supports in the near term.

Important Resistance Levels

$220.00 and $230.00

Important Support Levels

$200.00 and $192.00

6-hour RSI

The RSI is currently well below the 45 level.

6-hour MACD

The MACD is gaining traction in 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.