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Ether Price Analysis
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Ethereum Forecast: ETH/USD’s Bearish Start to November





Ether’s price tumbled against the US dollar and bitcoin. ETH/USD is back to square one and approaching an important support near $292.00.

Key Highlights

Ether saw a surprise bearish reversal and a break of the $306.00 support against the US dollar.
There was a break below a key bullish trendline with support at $306.00 on the 2-hour chart of ETH/USD.
ETH/BTC declined sharply and traded below 0.046BTC to register yet another bearish day.

Technically, the 2-hour chart indicators turned sharply lower and entered in the bearish territory.

Ether Price Back to Square One

It seems like Ether started November 2017 on a bearish note as the price faced heavy selling pressure from the $311.00 swing high and started a downside move.

Similarly, there was no recovery in ETH/BTC and the pair tumbled below the 0.048BTC support to trade close to 0.045BTC. Bitcoin price rose to a new all-time high above $6,500 which ignited a sharp downturn in other cryptocurrencies, including Ether.

Yesterday, we saw a key bullish trendline with support at $306.00 on the 2-hour chart of ETH/USD, but the pair failed to hold it. After the break, there was a sharp downside move and the price traded below the 61.8 percent Fibonacci retracement level of the last wave from the $291.64 low to $311.32 high.

The price is now approaching the $295.00 support. Should there be a break below $295.00, the price could test the all-important $292.00 support region.

Looking at the 30-minute chart of ETH/USD, there is a clear downtrend visible with back-to-back bearish candles from the $310.75 swing high. The pair is currently recovering, but faces a major resistance near $302.00.

There is a bearish trendline forming on the same chart with resistance around $302.00-$303.00, where the pair is likely to face strong selling interest.

To sum up, the 2-hour chart presents a bearish stance. To the upside, ETH/USD would need to break above the $302.00-$303.00 region to turn bullish again, with scope, then to advance up to $306.00. While below $295.00, the risk turns toward the downside, eyeing then $292.00 followed by $286.00.  

Important Resistance Levels

$302.00 and $306.00

Important Support Levels

$295.00 and $292.00

2-Hour RSI

The RSI is now well below the 50 level.

2-Hour MACD

The MACD has moved sharply into 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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