Home Ethereum Ethereum Price Forecast: Ether Testing Last Line Of Defense

Ethereum Price Forecast: Ether Testing Last Line Of Defense

5 min read

Ether’s price is moving south against the US dollar and bitcoin. ETH/USD is at risk of more losses below the $400.00 support area.

Key Highlights

Ether’s price failed to breach the $425.00 and $430.00 resistances and declined against the US dollar.

A significant resistance is formed near $425.00 and a bearish trendline on the 2-hour chart of ETH/USD.

ETH/BTC broke an important support at 0.0550BTC, opening the doors for a test of 0.0520BTC.

Technically, the 12-hour chart indicators are signaling heavy selling pressure in the bearish territory.

Ether Price Analysis

Yesterday, we discussed two key resistances at $425.00 and $430.00 for ETH/USD. The pair attempted a recovery, but it failed to surpass the $430.00 hurdle and declined below yesterday’s low.

More importantly, there was a bearish break below 0.0550BTC in ETH/BTC. The pair may perhaps continue to move down toward the next supports at 0.0535BTC and 0.0520BTC.

Ethereum Price Chart ETH

Looking at the 12-hour chart of ETH/USD, the pair started a major bearish wave after it broke a crucial bullish trendline with support at $465.00. The chart indicates that seven back-to-back bearish candles were formed and the price settled below the $450.00 support.

Ether is now approaching a significant support near the last low at $405.29, below which, the price could test the $400.00 handle. Should buyers fail to defend the $400.00 support, it may possibly push the price in a medium-term downtrend toward the $350.00 support.

Dropping down to the 2-hour chart of ETH/USD, the pair faced a strong resistance near $425.00 and $430.00. The price declined to a new low at $408.04 and it is currently consolidating near $410.00 with a bearish angle.

Ether Price Analysis Chart

To the topside, there is a key resistance formed near $425.00 and a bearish trendline. To recover, Ether’s price needs to surpass the trendline, $425.00 and the 23.6 percent Fibonacci retracement level of the last decline from the $469.05 high to $408.04 low.

The overall price action suggests more declines in Ether, but the $400.00 support region holds the key for the next move in ETH/USD in the near term.

Important Resistance Levels

$420.00 and $425.00

Important Support Levels

$405.00 and $400.00

12-hour RSI

The RSI is approaching the oversold levels near 20-25.

12-hour MACD

The MACD is gaining momentum in the bearish zone.

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.

ETHNews is commited to its Editorial Policy

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


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.

Let’s block ads! (Why?)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Bay Area family ‘renting’ home scammed via Bitcoin payment – East Bay Times

The four-bedroom dwelling on the 400 block of Carter Avenue in Vallejo was simply what the…