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ETH/USD Weekly Forecast: Odds of Further Declines Increase

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price faced a lot of selling pressure this past week, which pushed the ETH/USD pair below $8.00. The pair is attempting a correction, which may not last long.

Key Highlights

Ether price declining streak continued this past week against the US dollar and Bitcoin.
Every minor correction in both ETH/USD and ETH/BTC was sold aggressively.
New 4-month low was formed, and it looks like there can be more declines in Ether price going forward.

Technically, the 12-hours chart indicators are super bearish and suggesting that selling pressure likely to stay for some time.

Ether Price to Test $7.00?

There was a continuous decline in Ether price this past week, taking it below an important support area of $8.00. Whenever, there was an attempt of a correction, the price found resistance and moved down.

Ether Price Weekly Analysis

The 2-hours chart of ETH/USD highlights a declining pattern with a bearish trend line on the upside. The pair recently broke the $8.00 support and settled below it. The same level acted as a resistance later, and prevented a recovery.

The trend line is acting as a downside move catalyst and not allowing the Ether buyers from taking the price higher. It looks like the $8.00 resistance is a major hurdle at present, as it also coincides with the 50% Fibonacci retracement level of the last decline from the $8.60 high to $7.38 low.

If there is break and close above the highlighted resistance area, then there is a chance of further upsides in the near term. However, it won’t be easy for buyers to push the price above it.

Ethereum ETH to USD Weekly Forecast

When we look at the 12-hours chart of ETH/USD, there are clear bearish signals. The price declined heavily during the past few weeks and faced a lot of selling pressure.

There are two bearish trend lines formed on the H12 chart, acting as a resistance on the upside. The first trend line is around the $8.00 level, suggesting its importance as a resistance.

The last 2-3 candles on the chart suggests that the price is struggling to gain upside move, and finding it very tough to clear the highlighted resistance area. Overall, it looks like the $8.00 resistance area is crucial, and as long as the price is below it, there can be more losses.

Weekly Resistance Levels

$8.00 and $8.20

Weekly Support Levels

$7.30 and $7.10

12-hours RSI

The RSI technical indicator is in the extremely oversold area, which puts the price at risk of a correction.

12-hours MACD

The MACD is strongly in the bearish zone with no signs of a correction.

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

ETHNews is commited to its Editorial Policy

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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.