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ETH/USD Forecast: Scale Leans Towards The Downside





Ether price jaw dropped against the US Dollar and Bitcoin as there was an increase in selling pressure. More losses to follow soon?

Key Highlights

Ether price was under heavy bearish pressure versus the US Dollar during the past two sessions.
The Ether buyers even failed to hold a monster support area at $13.250-20.
The ETH/USD pair may continue to move down since it broke a major bullish trend line on the 2-hours chart.

Technically, the 2-hours chart suggest that the recent decline in ETH/USD was crucial, signaling a change in the trend.

Ether Price Trend Change

The market was caught recently in a bear trap, as there was a sharp downside move in Ether price. It broke a monster support area at $13.20 versus the US Dollar, and even cleared the $13.00 handle. ETH/BTC was also under pressure and traded below 0.0210BTC.

Ether Price Analysis Chart

No doubt, the recent downside move is a clear signal of a trend change. I was hoping for a bounce from the $13.25-20 support, but it looks like the Ether sellers had an upper hand in taking the price down. The 30-min chart of ETH/USD suggests that the pair faced heavy offers after it broke $13.20.

There is now a bearish trend line formed on the same chart, which may act as a resistance if the price attempts to recover. Moreover, the broken support at $13.20 might now act as a hurdle for the bulls. It did the job as a resistance perfectly on many occasions earlier.

ETH/USD Forecast Ethereum

It can be considered as a technical break to change the trend from bullish to bearish. The 2-hours chart also suggests the same, as the price broke a crucial support trend line to trigger a downside move.

It has opened the doors for more losses, and if the current momentum stays intact, the price may easily test the $12.80 level. It is another important support zone where the Ether bulls may try to suppress selling pressure.

Important Resistance Levels

$13.20 and $13.25

Important Support Levels

$12.80 and $12.65

2-hours RSI

The RSI technical indicator is now below the 50 level, and pointing south.

2-hours MACD

The MACD moved is now extending slope in the bearish zone, signaling more losses.

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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