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Ethereum Forecast: ETH/USD Reverses Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether reversed yesterday’s gains against the US dollar. Both ETH/USD and ETH/BTC seem to be struggling to gain upside momentum.

Key Highlights

Ether declined sharply during the past few hours and traded toward $290.00 against the US dollar.
ETH/USD broke a major bullish trendline with support at $297.50 on the 30-minute chart.
ETH/BTC remained range-bound above the 0.041BTC level.

Technically, the 30-minute chart indicators have moved sharply into bearish territory.

Ether Price is Back to Square One

There was a sharp reversal in ETH/USD from the $304.00 level, moving the pair below the $300.00 and $297.00 support levels. On the other hand, the ETH/BTC pair continues to trade in a range above the 0.041BTC level.

Ether Price Analysis Chart

The 30-minute chart of ETH/USD suggests a short-term bearish picture. There was a rejection from the $304.00-$305.00 levels, prompting a downside reaction. Ether’s price attempted an upside break above $305.00 on three occasions, but failed to gain momentum.

As a result, there was a downside move and the price broke a major bullish trendline with support at $297.50. During the downside move, the pair broke the $300.00 support, $295.00 pivot, and the 61.8 percent Fibonacci retracement level of the last wave from the $292.11 low to $304.77 high.

The current price action is bearish for the short-term, and Ether will most likely test the $292.00 and $290.00 support levels today.

Moving on to the 2-hour chart of ETH/USD, it seems like the pair was rejected from a bearish trendline at $305.00. On the flip side, the $290.00 level remains a key support for the current trend.

Ethereum Price ETH/USD Forecast

Should there be a break below $290.00, the pair could trade toward the $276.00 support. On the other hand, if buyers manage to contain losses below $290.00, the price would bounce back toward $300.00 and $304.00.

To the topside, the 2-hour chart bearish trendline is important for a move toward $311.00 or higher. Overall, the short-term trend is bearish, but ETH/USD broadly remains in the $276.00-$311.00 range with limited downsides.

Important Resistance Levels

$300.00 and $304.00

Important Support Levels

$290.00 and $276.00

30-minute RSI

The RSI made a U-turn and moved below the 40 level.

30-minute 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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