ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Friday Dec 15th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

ETH/USD Forecast: New Low and Consolidation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price failed to hold $7.12 and traded towards $7.00 against the US Dollar. Later, the ETH/USD corrected higher, and now attempting a comeback.

Key Highlights

Ether price made a new weekly low against the US Dollar at $7.02 before starting a correction.
The ETH/USD pair consolidated for a few hours before moving above a bearish trend line on the 30-min chart.
There is also a short-term break visible on the 2-hours chart of ETH/USD, calling for more gains.

Technically, the indicators on the 2-hour chart are slowly moving into the bullish area.

Ether Price Possible Upside Move

There was an increase in the bearish pressure on Ether price, taking it below the last low of $7.12 versus the USD. The price traded towards $7.00 and formed a new weekly low at $7.02.

Ether Price Analysis Chart

Later, there was a correction wave initiated as the price was rejected just above $7.00. It moved above the 23.6% Fibonacci retracement level of the last decline from the $7.42 high to $7.02 low.

The upside move was strong in ETH/USD, as the pair cleared a bearish trend line on the 30-min chart. Moreover, there was a move above the 6.18% Fibonacci retracement level of the last decline from the $7.42 high to $7.02 low.

The price traded close to the last swing high of $7.42 before pulling back towards the broken trend line. When we have a look at the 2-hours chart of ETH/USD, there is also a break visible.

Ethereum ETH/USD Forecast Chart

However, there is a big challenge on the upside near $7.50. I highlighted the stated level as resistance on many occasions, and it still holds a lot of value. There is also a bearish trend line positioned near it, which may stop the upside move.

The pair is currently consolidating at present, and may attempt to move higher once again. In that case, the $7.50 resistance may come into play and prevent any additional gains.

Important Resistance Levels

$7.40 and $7.50

Important Support Levels

$7.15 and $7.02

30-min RSI

The RSI technical indicator is now placed well above the 50 level.

30-min MACD

The MACD is back in the bullish zone, suggesting short-term upside.

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

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price Chart, Ether Price Analysis and Ethereum Analysis News.

Disclaimer
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.