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Ether Price Analysis
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Ethereum Forecast: ETH/USD Breaks Key Support





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. 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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