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Ethereum Forecast: ETH/USD Holding Ground Above $400

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether weakened further against the US dollar and bitcoin. Bitcoin price traded above $16,500 and pressured both ETH/USD and ETH/BTC.

Key Highlights

Ether extended its decline and traded close to the $405.00 support against the US dollar.
There is a declining channel forming with resistance near $428.00 on the 30-minute chart of ETH/USD.
ETH/BTC declining streak extended as the pair moved below a crucial support at 0.030BTC.

Technically, the 2-hour chart indicators are still some distance away from the oversold levels.

ETH/USD Remains under Pressure

There was no respite for Ether buyers as the price fell further versus the US dollar and bitcoin. ETH/BTC was the worst performer as it moved down by around 25 percent and broke a major support at 0.030BTC.

Ether Price Analysis Chart

Bitcoin price extended its rally toward $16,500, which pressured both key Ether pairs – ETH/USD and ETH/BTC. Looking at the 30-minunte chart of ETH/USD, there is a clear downtrend visible.

The pair is following a declining channel with resistance near $428.00 and every upside correction failed to gain traction. The recent decline was such that the price failed to hold the 50 percent Fibonacci retracement level of the last upside leg from the $394.11 low to $481.24 high at $437.00.

More importantly, there was a break below the $425.00-420.00 support area. It opened the doors for more slides and the price traded close to the $405.00 support. A low was formed at $406.94 before the price started an upside correction.

Ethereum Price ETH USD Forecast

At the outset, Ether’s price is trading near the $415.00-420.00 range. A successful close above $430.00 is required for cooling of the current bearish pressure. Moving up to the 2-hour chart of ETH/USD, there are two bearish trendlines forming with resistance at $428.00 and $440.00.

Overall, Ether retains its bearish stance short-term, as in the 2-hour chart, the price is below key support levels and the 20 SMA. If ETH/USD fails to recover above $430.00, the risk remains toward the downside; $405.00 is currently the immediate support ahead of the $394.11 low.

Important Resistance Levels

$430.00 and $440.00

Important Support Levels

$405.00 and $394.00

2-hour RSI

The RSI is heading toward the 20 level.

2-hour MACD

The MACD is gaining momentum in 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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