ETH/USD Weekly Forecast: Stable To Bearish
|Ether price was under bearish pressure this past week and made a new low of $7.12 against the US dollar.|
|There are a couple of bearish trend lines formed on the 2-hour chart of ETH/USD acting as a resistance.|
|The 12-hour chart highlights a descending channel pattern, taking the price down.|
Technically, the indicators on the 12-hour chart are mostly bearish, but getting stable.
Ether Price Downside Move
There were declines in ETH/USD and ETH/BTC this past week. Ether price was struggling the most against the Bitcoin, which increased the overall bearish pressure.
The ETH/USD pair broke a major support area at $7.50, which may now act as a hurdle on the upside for a recovery. When we look at the 2-hour chart of ETH/USD, it looks like the pair is trying to recover, but facing a lot of resistances on the upside.
An initial resistance is around a bearish trend line on the chart at $7.30. However, the most important hurdle on the upside is near another bearish trend line. It is positioned with the $7.50 level.
As mentioned the stated level was a support earlier, and now may prevent an upside move in Ether price. It won’t be easy for the ETH buyers remain in action all the time.
The $7.50 resistance also coincides with the 50% Fibonacci retracement level of the last decline from the $7.97 high to $7.12 low.
When we look at a higher timeframe chart like H12, there is a clear downtrend visible. A descending channel pattern is formed, which is taking the price slowly lower.
As long as the highlighted channel is intact, there is a chance of a move towards the $7.00 handle. In case sellers gain strength, the $6.80 weekly pivot area may also be tested.