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ETH/USD Weekly Forecast: Trend Remains Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price faced a lot of selling pressure, resulting declines in ETH/USD and ETH/BTC. The current trend looks bearish, which may continue in the near term.

Key Highlights

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.

Ethereum ETH USD Forecast

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.

Ether Price Weekly Analysis

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.

Weekly Resistance Levels

$9.50 and $9.60

Weekly Support Levels

$9.00 and $8.80

12-hours RSI

The RSI technical indicator is around the oversold readings and heading south.

12-hours MACD

The MACD is placed well in the bearish zone with no sign of a recovery.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.