Key Highlights
Ether price yesterday’s downside break attempt was successful against the US Dollar.
The ETH/USD pair broke and settled below a major bullish trend line formed on the 2-hours chart.
The pair is currently trading near an important support at $8.00, which holds the key for more losses.

Technically, the 2-hours chart indicators are gaining strong bearish momentum, which may ignite further declines in ETH/USD.

Ether Price Aiming Fresh Lows?

Yesterday, the Federal Reserve Bank fulfilled the market expectation, and increased the interest rates from 0.5% to 0.75%. It ignited a strong dollar buying interest, which in turn sparked a downside move in ETH/USD.

Ethereum ETH/USD Forecast

Ether price was seen struggling yesterday as well when I highlighted a possible downside break on the 2-hours chart against the US Dollar. The break was successful, and once there was a close below the bullish trend line support, Ether sellers gained momentum.

There was a sharp downside move, breaking the 61.8% Fibonacci retracement of the last wave from the $8.02 low to $8.62 high. The ETH/USD pair is currently trading near a monster support area at $8.00.

The highlighted support holds a lot of value, as it prevented downsides earlier as well. So, there is a chance of Ether price recovering from the stated support.

If that happens, then an initial resistance on the upside could be around $8.10. Looking at the 30-min chart, the mentioned level was a support earlier and may now act as a resistance.

Ether Price Analysis Chart

Above $8.10, there is a bearish trend line waiting on the same chart at $8.2 to act as a barrier for upsides. The stated level also represents the 38.2% Fibonacci retracement level of the recent decline from the $8.53 high to $7.94 low.

Overall, we need to see if there is a proper close below $8.00 or not. If there is a close, the ETH/USD pair may attempt to post more losses.

Important Resistance Levels

$8.10 and $8.20

Important Support Levels

$8.00 and $7.80

2-hours RSI

The RSI technical indicator has reached the oversold readings, but still pointing north.

2-hours MACD

The MACD is placed strongly in the bearish slope, calling for more declines.
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Ether Technical Analysis

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
12-16-2016 Ether Price Under Pressure Once Again
12-15-2016 ETH/USD Attempts to Post More Losses
12-14-2016 Ether Price Attempting a Downside Break

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