Ethereum Price Forecast: Ether Could Dip To New Weekly Low

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Ether’s price is following a bearish pattern against the US dollar and bitcoin. ETH/USD is likely to extend losses toward the $265.00 and $260.00 levels.

Key Highlights

Ether’s recovery from the $269.41 low failed near key resistances against the US dollar.

There is a declining channel in place with resistance near $288.00 on the 2-hour chart of ETH/USD.

ETH/BTC extended declines and could test the 0.0415BTC support area.

Technically, the 2-hour chart indicators are placed heavily in the bearish territory.

Ether Price Analysis

Yesterday, there was a major bearish reaction below the $280.00 support in ETH/USD. The pair traded to a new weekly low at $269.41 before starting a recovery back toward the $280.00-285.00 zone.

ETH/BTC remained in a bearish zone as the pair broke the 0.0430BTC support. The next major support for Ether buyers is near the 0.0415BTC level, which is a significant pivot zone.

Ether Price Analysis ETH

Looking at the 30-minute chart of ETH/USD, the pair declined heavily and formed a low at $269.41. Later, the price corrected higher and moved above the $275.00 level and the 38.2 percent Fibonacci retracement level of the last drop from the $303.88 high to $269.41 low.

The price even moved above the $280.00 level, but it faced sellers near a bearish trendline at $285.00 and the 50 percent Fibonacci retracement level of the last drop. Ether started a fresh downward move and broke a key bullish trendline with support at $281.00.

The current price action indicates that Ether’s price could decline toward the recent low of $269.41, below which the price will most likely accelerate losses toward the $260.00 level.

Ethereum Price ETH

Moving up to the 2-hour chart of ETH/USD, the pair is following a declining channel with resistance at $288.00. Additionally, it seems like the support zone at $280.00-285.00 is now acting as a resistance.

Therefore, the price is likely to extend losses toward the $265.00 and $260.00 levels. To the topside, the $280.00, $285.00, and $288.00 levels are important hurdles for buyers.

Important Resistance Levels

$280.00 and $285.00

Important Support Levels

$270.00 and $262.00

2-hour RSI

The RSI is heading lower toward the 30 level.

2-hour MACD

The MACD is signaling more losses 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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