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ETH/USD Weekly Forecast: Downsides To Continue

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is declining towards $10.00 against the US Dollar, which holds a lot of value and must hold else there can be further losses in ETH/USD.

Key Highlights

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.

Ether Price Weekly Analysis Chart

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.

Ethereum ETH/USD Weekly Forecast

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.

Important Resistance Levels

$10.80 and $11.00

Weekly Support Levels

$10.00 and $9.60

Daily RSI

The RSI technical indicator is reaching the oversold area, so there can be ranging moves before there is a break.

Daily MACD

The MACD is comfortably in the bearish zone and signaling no recovery at the moment.

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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