Ethereum Price Forecast: Ether Eyes Next Break
Ether’s price is preparing for the next break against the US dollar. ETH/USD could either fall below the $400.00 support or move above $412.00-420.00 to gain bullish momentum.
Ether’s price failed to gain strength above $413.00 and declined against the US dollar.
A major bearish trendline is in place with resistance at $412.00 on the 2-hour chart of ETH/USD.
ETH/BTC is holding gains above 0.0580BTC and it could slowly move toward 0.0600BTC.
Technically, the 30-minute chart indicators are moving lower in the bearish territory.
Ether Price Analysis
There was an upward move above the $410.00 level in ETH/USD. However, the pair failed to hold gains, formed an intraday high at $413.17, and finally declined back below $410.00.
On the other hand, ETH/BTC mostly traded in a range above the 0.0580BTC level. The pair is facing an uphill task near the 0.0600BTC resistance where sellers may possibly emerge.
Starting with the 30-minute chart of ETH/USD, the pair moved nicely above $410.00, but it failed to clear the $413.00 level. A fresh bearish wave started and the price declined below the $408.00 support and a connecting bullish trendline.
Ether also broke the 50 percent Fibonacci retracement level of the recent upward move from $401.997 to $413.17 low, opening the doors for more losses back toward the last low at $401.97.
Should the price correct higher, the broken supports at $408.00 and $410.00 will most likely prevent further gains. Above $410.00, there is a major bearish trendline is in place with resistance at $412.00 on the 2-hour chart of ETH/USD.
The chart indicates that the price is trading in a contracting range with resistance near $412.00 and support at $400.00. A bullish break above $412.00 and $420.00 could encourage Ether buyers to gain traction and push the price even higher.
Conversely, a bearish break below $400.00 may perhaps increase selling pressure and the price could extend losses toward the $380.00 and $365.00 supports. Overall, the next move in ETH/USD depends on whether the pair surpasses the $412.00 and $420.00 resistances.
Important Resistance Levels
$410.00 and $412.00
Important Support Levels
$402.00 and $400.00
The RSI is currently below the 35 level with a bearish angle.
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.
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