Key Highlights
Ether price nosedived to weaken by more than 15% against the US dollar and Bitcoin.
The ETH/USD pair not only tested the $7.00 support, but also broke it to trade towards $6.00.
The Ether bears managed to gather pace, taking the price down to a new 9-month low.

Technically, the 2-hours chart indicators are super bearish, signaling further declines.

Ether Price Continues to Weaken

ETH continues to inch lower following the break below the 100-day simple moving average. It declined heavily against the US Dollar and broke an important support area at $7.00.

Ether Price Analysis Chart

A new 9-month low below $6.20 was formed in ETH/USD, and still there is no sign of a recovery in the short term. Once there was a break below $7.00, the price retested the same level, but failed to overcome selling pressure.

The ETH/USD pair is down by more than 20% today, and it looks like there can be more losses in Ether price. The next support on the downside could be around the $6.20-$6.00 area.

The stated support area holds a lot of importance, and it won’t be easy for sellers to break. The price bounced on 3-4 occasions earlier from the stated level and reversed the bearish momentum.

So, we can say that the price is reaching a technically crucial support level, and there are chances of a bounce back. On the upside, an initial resistance is at $7.00, and a bearish trend line formed on the hourly chart. The next resistance is around $7.50, which was a support earlier.

Ethereum ETH USD Forecast

There is a descending channel pattern formed on the 4–hours of ETH/USD, which is taking the pair down. The pair is currently attempting a close below it. So, it would be interesting to see how the pair trades in the near term.

Overall, the $6.00 support is the key, and it must hold the downside move. If it fails to do so, then there can be a sharp downside move towards $5.00.

Important Resistance Levels

$7.00 and $7.50

Important Support Levels

$6.20 and $6.00

4-hours RSI

The RSI technical indicator is in the extremely oversold region, suggesting caution ahead.

4-hours MACD

The MACD extended the bearish slope with a minor divergence.
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Ether Technical Analysis

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
12-07-2016 ETH/USD Gains after Rejection near $6.00
12-06-2016 ETH/USD Bears Gather Pace, Prints Fresh 9-Month Lows
12-05-2016 Ether Price Continues To Tumble

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