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ETH/USD Weekly Forecast – Further Downside Potential

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether was under huge selling pressure against the US Dollar and Bitcoin this past week. Going forward, it may correct higher, but likely to remain in the bearish zone.

Key Highlights

Ether price extended its downside move yesterday against the US Dollar and Bitcoin.
There was a move below the $12.40 level in ETH/USD, as forecasted in yesterday’s post.
The pair is currently finding support near $12.10-00, and may attempt to correct higher.

Technically, the 12-hours chart is signaling a monster support break in ETH/USD.

Ether Price Remains Sell Rallies?

There was no relief for the Ether buyers, as it declined further versus the US Dollar and BTC. I was hoping for a move towards the $12.40 level in ETH/USD. The pair did move down, and even broke the stated level to trade as low as $12.08.

Ether Price Weekly Analysis

ETH/BTC also fell and created a new weekly low below 0.0200BTC. No doubt, Ether price in a bear trend, and may continue to face sellers on the upside. When we look at the hourly chart of the ETH/USD pair, it is currently finding support near $12.10-00.

So, there is a chance of a minor correction in the near term. However, there is a bearish trend line on the same chart, waiting to act as a resistance on the upside. Moreover, the 23.6% Fibonacci retracement level of the last drop from the $13.33 high to $12.08 low is also around the same trend line.

It means the highlighted trend line resistance may act as a hurdle in the recovery for ETH/USD. If at all, there is a break above the trend line, the 50% Fibonacci retracement level of the last drop from the $13.33 high to $12.08 low may be seen as the next resistance area at $12.80.

ETH/USD Weekly Forecast Ethereum

When we look at the 12-hours chart, it highlights a bearish picture for Ether price. There are a couple of important points to note from the chart. First, there was a crucial support at $13.00, which was broken during the downside ride. Second, a bullish trend line on the same chart was also cleared by the ETH bears.

It is a clear sell signal. And, if the price corrects higher, the same broken support area may now act as a resistance.

Weekly Resistance Levels

$12.50 and $13.00

Weekly Support Levels

$12.00 and $11.60

12-hours RSI

The RSI technical indicator has just moved below the 50 level, which is a negative sign.

12-hours MACD

The MACD is now in the bearish zone, signaling further declines.

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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