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Ethereum Forecast: ETH/USD Approaching Major Breakout

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price struggle versus bitcoin is putting pressure on ETH/USD below $470.00. The pair must stay above $450.00 to avoid further declines.

Key Highlights

Ether is holding key support levels at $450.00 and $425.00 against the US dollar.
There is a crucial bearish trendline forming with current resistance at $463.00 on the 2-hour chart of ETH/USD.
ETH/BTC declined further and traded below the all-important 0.040BTC support.

Technically, the 6-hour chart indicators are flat around their midlines in the bullish territory.

Ether Price Analysis

There was no upside push in ETH/USD and the pair remained below the $475.00 and $480.00 resistance levels. On the other hand, the ETH/BTC pair extended its declining streak and even failed to hold the 0.040BTC support.

Ether Price Analysis Chart

Ether’s continuous decline versus bitcoin has increased the overall bearish pressure. Looking at the 2-hour chart of ETH/USD, the pair is following a crucial bearish trendline with current resistance at $463.00.

The trendline is preventing an upside break toward $500.00. On the positive side, the pair is still above the $450.00 support level. The mentioned support is key for the next break, either above $463.00 or below $450.00.

On the downside, the next major support sits at $425.00-420.00. However, a proper 2-hour close below $450.00 would be a bearish signal for an extended downside acceleration toward $405.00-400.00 in the near term.

The 6-hour chart of ETH/USD suggests why declines below $450.00 could be significant. There is a major bullish trendline forming with support around $455.00-450.00. Therefore, a successful close below $450.00 will most likely increase bearish pressure on Ether.

Ethereum Price ETH USD Forecast

To the topside, the pair has to break the $480.00 resistance. An upward acceleration through $480.00 should see Ether’s price testing the $500.00 region, while gains beyond this last could lack momentum.

Overall, ETH/BTC’s decline should find support soon around 0.0380BTC. Otherwise, ETH/USD’s could decline below $450.00 and the upward potential will be denied in the short term. The next major supports are $425.00, $420.00, and $405.00.

Important Resistance Levels

$463.00 and $480.00

Important Support Levels

$455.00 and $450.00

2-hour RSI

The RSI is now below the 50 level and heading south.

2-hour MACD

The MACD is slowly moving into the bearish zone.

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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