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ETH/USD Bears Gather Pace, Prints Fresh 9-Month Lows

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price continues to sink against the USD and BTC. More losses are likely in the near term since there is no sign of a recovery.

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.

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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