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Ethereum Price Forecast: Ether Could Extend Losses Below $80

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price extended losses against the US dollar and bitcoin. ETH/USD could continue to slide and is likely to break the $80.00 and $75.00 supports.

Key Highlights

Ether’s price failed to rebound above $88.00 and declined further against the US dollar.
A major bearish trendline formed with resistance at $86.00 on the 6-hour chart of ETH/USD.
ETH/BTC is at a risk of breakdown below the 0.0260BTC and 0.0255BTC supports.

Technically, the hourly chart indicators declined further in the oversold zone.

Ether Price Analysis

Yesterday, we saw a lot of bearish signs on the daily chart of ETH/USD below the $88.00 and $98.00 resistance levels. The pair failed to surpass the $88.00 resistance level and later extended declines below the $85.00 support.

ETH/BTC is also struggling to move higher above the 0.0265BTC resistance level. Therefore, there is a risk of further downsides below the 0.0260BTC and 0.0255BTC support levels.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair resumed its decline and broke the last low at $82.37 and formed a new multi-month low at $82.28. While there was no major breakdown below $82.00, there is a risk of heavy declines in the near term.

To the topside, there are many hurdles for buyers near the $86.00, $88.00, and $90.00 levels. Additionally, there is a major bearish trendline formed with resistance at $86.00. A successful close above the bearish trendline and $88.00 is a must to start a short-term rebound.

Conversely, if there is no break above the $88.00 resistance, there could be a fresh decline below the $82.28 low. The next support is at $80.00, below which the price may decline sharply toward the $75.00 or $70.00 level.

Ether Price Analysis ETH

The hourly chart of ETH/USD suggests that the pair is following two bearish trendlines, with resistance at $85.00 and $89.00. There are also signs that sellers are exhausted near the $80.00 support.

Therefore, the next move in Ether depends on whether the price stays above the $82.00 and $80.00 support levels in the coming sessions. 

Important Resistance Levels

$85.00 and $88.00

Important Support Levels

$82.00 and $80.00

Hourly RSI

The RSI is currently near the 25 level.

Hourly MACD

The MACD is placed heavily 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. 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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