ETH/USD Weekly Forecast: Trend Remains Bearish
|Ether price traded lower this past week and remained under a lot of pressure against the US Dollar and Bitcoin.|
|The ETH/USD pair closed below the $10.00 support, which is a sign of a bearish trend.|
|There is a monster bearish trend line formed on the 12-hours chart of ETH/USD, acting as a downside move catalyst.|
Technically, the 12-hours chart indicators are reaching oversold readings, but not showing any recovery sign.
Ether Price Trend
There were several events this past week like the Ethereum network 4th hard fork, igniting swing moves in Ether price against the US Dollar and Bitcoin. Both ETH/USD and ETH/BTC made new weekly lows and declined.
There was a constant bearish trend in ETH/USD, which can be clearly seen in the 12-hours chart. A bearish trend line is formed, acting as a crucial barrier on the upside and preventing a recovery.
The recent upside move was also stalled near the same trend line. The pair is already heading lower, and showing a complete rejection. A new 6-week low was formed at $8.72 before the price started recovering.
It looks like the price may continue to trade lower, and once again break the $9.00 handle for further downsides. If we consider the wave count, then there is a high chance of a new low forming below the $8.72 low.
The 2-hours chart of ETH/USD also suggests a downside trend. There are a couple of bearish trend lines formed, acting as a hurdle for an upside move.
There is a clear resistance near $9.50-9.60, which may continue to prevent a recovery in the near term. An initial resistance is around the 50% Fibonacci retracement level of the last wave from the $8.72 low to $9.60 high.
On the downside, an initial resistance is around the $9.00 handle. A break below the stated level may ignite further losses towards the last swing low of $8.72.
Overall, the trend remains bearish for ETH/USD, which may continue in the near term. If you are looking to sell, then consider it as long as the price is below $9.60.