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Ethereum Forecast: ETH/USD at Risk of Further Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD struggled to gain momentum above $308.00 and declined. ETH/BTC broke an important support and traded to a new monthly low.

Key Highlights

Ether failed to settle above the $308.00 resistance against the US dollar and traded lower.
There are two bearish trendlines forming with resistance near $300.00 and $311.00 on the hourly chart of ETH/USD.
ETH/BTC traded to a new monthly low and broke the 0.050BTC support.

Technically, the hourly chart indicators are extending declines in the bearish territory.

Ether Price under Pressure

A sharp rise in bitcoin price above $6000 has ignited a lot of selling pressure on other major cryptocurrencies, including Ether. The ETH/BTC pair traded to a new monthly low and, more importantly, broke a major support at 0.050BTC.

Ether Price Analysis Chart

ETH/BTC’s decline pressured ETH/USD as well. The pair failed to gain momentum above the $308.00 resistance and started a new downside wave. During the downside, there was a break below two static supports - $305.00 and $300.00.

The pair even traded below the 50 percent Fibonacci retracement level of the last wave from the $288.04 low to $316.37 high, which means there are possibilities of more declines in the near term.

On the hourly chart of ETH/USD, there are two bearish trendlines forming with resistance near $300.00 and $311.00. Moreover, the broken horizontal supports at $300.00 and $305.00 are intermediate hurdles for Ether buyers.

On the downside, the next important support sits near $286.00-$284.00. An intermediate short-term support can be around the 76.4 percent Fibonacci retracement level of the last wave from the $288.04 low to $316.37 high.

Ethereum Price ETH/USD Forecast

At present, the pair is flirting with the $298.00 support, but Ether will most likely break it for more losses in the short term. Looking at the 4-hour chart of ETH/USD, there is a bearish formation that could lead the pair towards the last swing low of $288.04.

The overall short-term trend is now bearish as long as Ether’s price is below $310.00. On the downside, the most important support to keep an eye on is $288.00-$286.00.

Important Resistance Levels

$305.00 and $310.00

Important Support Levels

$288.00 and $286.00

Hourly RSI

The RSI is reaching the oversold levels.

Hourly MACD

The MACD is gaining momentum 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, 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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