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Ether Price Analysis
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Ethereum Forecast: ETH/USD Continues to Weaken





Ether declined further against the US dollar and bitcoin. ETH/BTC’s decline pressured ETH/USD and pushed it below $450.00.

Key Highlights

Ether declined below a major support area at $450.00 against the US dollar.
There was a break below an important bullish trendline at $454.00 on the 2-hour chart of ETH/USD.
ETH/BTC tumbled, moved below the 0.0350BTC support and remains in a strong bearish trend.

Technically, the 2-hour chart indicators moved in the bearish territory once again.

ETH/USD May See Further Declines

Yesterday, we discussed how ETH/BTC’s decline is impacting the market sentiment and pushed ETH/USD toward a crucial breakout.

Ethereum Price ETH/USD Forecast

There was a further increase in the bearish pressure on ETH/BTC since bitcoin price traded close to the $12,000 level. The pair traded sharply lower and broke the 0.0380BTC and 0.0350BTC support levels.

As anticipated, ETH/USD also declined and broke an important bullish trendline at $454.00 on the 2-hour chart. It is not a good sign and could ignite further declines in the near term toward $420.00.

On the upside, there is a bearish trendline forming with current resistance at $454.00. Therefore, the previous support around $450.00-455.00 will most likely act as a resistance and prevent gains.

The current price action is negative, the next support being near the 50 percent Fibonacci retracement level of the last wave from the $394.11 low to $481.24 high at $437.00. Below the mentioned $437.00, the next support is close to $420.00.

Moving down to the 30-minute chart of ETH/USD, it seems like the pair is following a declining channel with current resistance at $445.00-446.00. A successful close above $446.00 is required for a recovery toward $454.00.

Ether Price Analysis Chart

On the downside, the channel support is near $437.00. Clearly, the mentioned $437.00 support is significant and could protect further declines.

Having said that, ETH/BTC’s decline must stop to avoid further losses in ETH/USD. A recovery above $446.00 should take off some of the bearish pressure on Ether, but gains beyond $454.00 are required to confirm a short-term bottom. Below $437.00, on the other hand, the risk turns toward the next support at $420.00.

Important Resistance Levels

$450.00 and $454.00

Important Support Levels

$437.00 and $420.00

2-hour RSI

The RSI is well below the 50 level and heading toward 30.

2-hour MACD

The MACD has moved from the bullish to 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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