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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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