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Ethereum Forecast: ETH/USD Pressured Below $300

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended its decline against the US dollar and bitcoin. ETH/USD is currently around $300.00 and approaching the next support near $286.00.

Key Highlights

Ether failed to hold an important support at $320.00 against the US dollar and declined below $300.00.
There is a major bearish trendline forming with resistance at $306.00 on the 2-hour chart of ETH/USD.
ETH/BTC also extended declines and traded toward 0.055BTC.

Technically, the 2-hour chart indicators have reached extreme oversold levels in the bearish territory.

Ether Price Eyeing $286?

There was an increase in selling pressure on ETH/USD, which resulted in further declines below $320.00. The pair failed to hold the stated $320.00 support and traded lower by more than 7 percent.

Ether Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, there are back-to-back bearish candles from the $352.70 high. It seems like the pair is even struggling to hold the $300.00 psychological level.

On the upside, there is a major bearish trendline forming with resistance at $306.00 on the same chart. Should there be a break above $306.00, the price could trade toward $320.00. The stated $320.00 level was a support earlier and now it would prevent upsides.

Moving on to the 6-hour chart of ETH/USD, there are a few important points to consider. First, the pair has breached the last bullish trend support at $320.00. Second, there was a break below the $318.00 pivot region, signaling a new bearish wave. Finally, the next major support sits at $286.00-$285.00.

Ethereum Price ETH/USD Forecast

The pair is currently well below the 61.8 percent Fibonacci retracement level of the last bullish wave from the $286.49 low to $352.70 high. Therefore, the price will most likely retest the last swing low of $286.00.

The mentioned $286.00 support holds the key for the next wave in Ether’s price. A close below $286.00 would take the price toward the 1.236 extension of the last bullish wave from the $286.49 low to $352.70 high at $270.00.

Alternatively, if buyers succeed in preventing declines below $286.00, ETH/USD could bounce back toward $320.00, with gains beyond this last session required to confirm additional upsides.

Important Resistance Levels

$306.00 and $320.00

Important Support Levels

$286.00 and $270.00

2-hour RSI

The RSI has reached the 25 level (oversold level).

2-hour MACD

The MACD is showing strong bearish signals.

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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