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Ethereum Forecast: ETH/USD Breaks Key Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether declined sharply against the US dollar and bitcoin. ETH/USD surpassed the $285.00 support and now at risk of more declines.

Key Highlights

Ether failed to stay above the $286.00 support against the US dollar and declined towards $275.00.
There is a crucial bearish trendline forming with resistance at $300.00 on the 2-hour chart of ETH/USD.
ETH/BTC remains in the bearish zone below 0.050BTC and is poised for more declines.

Technically, the 30-minute chart indicators have reached extreme oversold conditions.

Ether Price Upsides Remain Capped

It seems to be a bearish start to the week for Ether as its price declined sharply against the US dollar. ETH/USD broke a major bullish trend support at $286.00, which is a strong bearish signal in the short term.

Ether Price Analysis Chart

There was an impact on ETH/BTC as well that dragged the pair back below 0.050BTC and putting it at risk of more losses in the near term.

The 30-minute chart of ETH/USD shows a strong bearish pressure on Ether. The price after a brief consolidation above the $288.00-$286.00 support, failed and declined below the mentioned support.

At present, the pair is testing the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.70 high near $275.00. The stated $275.00 support is a key technical level. A successful hourly close below $275.00 could ignite further declines in the short term.

The next support lies near the 61.8 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.70 high at $258.80. On the upside, there are two bearish trendlines forming with resistance at $288.00 and $293.000.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, a crucial bearish trendline with current resistance at $300.00 prevented an upside break recently and pushed the pair down. There was even a 2-hour close below $286.00, giving control to Ether sellers.

Technically, the bearish momentum is strong on ETH/USD according to the 2-hour chart, as technical indicators keep heading lower and Ether’s price extends below its moving averages.

An immediate support is $275.00 followed by $258.80. On the upside, corrections would be limited by the broken supports such as $286.00 and $300.00.

Important Resistance Levels

$286.00 and $300.00

Important Support Levels

$275.00 and $258.00

30-minute RSI

The RSI is now near 20 and pointing oversold conditions.

30-minute MACD

The MACD is strongly placed 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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