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Ethereum Forecast: ETH/USD Continues to Weaken

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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