ETH/USD Weekly Forecast: Downsides To Continue
|Ether price declining streak continued this past week against the US Dollar and ETH/USD traded towards $10.00.|
|The daily chart of ETH/USD clearly points how there was an increase in the bearish pressure.|
|There is a bearish trend line formed on the daily chart with resistance at $11.00.|
Technically, the daily chart indicators are in the bearish territory with no major signs of a recovery.
Ether Price Declining Streak
Every time Ether price attempted a recovery against the US Dollar and Bitcoin, it faced resistance on the upside and declined. ETH/USD pair traded below the $10.80 support area this past week, and ETH/BTC moved below the 0.0160BTC area.
Let us start analyzing with the daily chart of ETH/USD. There is a clear declining streak visible starting from the $14.10 level. The pair traded continuously lower, and every minor correction faced resistance on the upside.
There is a bearish trend line formed on the daily chart, which is one of the main reasons of the current decline in Ether price. It is acting as a major hurdle and preventing a recovery in ETH/USD.
However, the price is now reaching a point where it may find support. As I highlighted in the chart, the $10.00 level is a major support. I have mentioned this in previous analysis as well. There was already an attempt to break it once, and the price is again trying to break it.
The bearish trend line is closing in, so we can say that we can witness a break soon during the coming days. There are two possible cases. First, the price may break and close below $10.00 to extend the downside move. Second, the price may break the trend line resistance to start a major recovery mode.
The 4-hours chart of ETH/USD shows a descending channel, taking the price down slowly. It may also play a major role, and could provide a short-term break. Overall, on the downside $10.00 as a support is important, and on the upside, the $10.80-11.00 is a crucial resistance.