Ether’s price is primed for more losses against the US dollar and bitcoin. ETH/USD is approaching a major bearish break on the daily chart with support at $445.00.
Ether’s price is struggling to hold the $450.00 support area against the US dollar.
Two important bearish trendlines are in place with resistance at $505.00 on the daily chart of ETH/USD.
ETH/BTC is at a risk of a bearish break below the 0.0750BTC support.
Technically, the daily chart indicators are approaching oversold levels in the bearish territory.
Ether Price Weekly Analysis
Yesterday, we discussed the importance of the $450.00 support for ETH/USD. The pair corrected a few points higher, but it failed to gain momentum and declined sharply.
ETH/BTC is currently holding the 0.0750BTC support. However, a failure to recover above the 0.0780BTC resistance could push the price below the 0.0750BTC and 0.0720BTC support levels.
Looking at the daily chart of ETH/USD, the pair recovered from the $450.60 low earlier this month. However, the price faced a strong resistance near the $540.00 and $550.00 resistance levels. More importantly, two important bearish trendlines with current resistance at $505.00 acted as a crucial hurdle.
The price failed to gain momentum above $550.00, resulting in a sharp downward move. Ether settled below the $500.00 handle and even traded to a new monthly low below $448.00. At the outset, the price is currently trading near a connecting support trendline at $445.00.
Should there be a bearish break and daily close below $445.00, there could be heavy declines toward $420.00 and $400.00. Dropping down to the 30-minute chart of ETH/USD, the pair topped near $482.00, moved down, and broke a key connecting bullish trendline with support at $470.00.
The price is currently trading below $460.00 with increased selling pressure. An upward recovery may face resistances near $465.00, $470.00, and $482.00. Above this last, the most important hurdle is at $505.00.
The overall price action is bearish, and a daily close below $450.00 and $445.00 could accelerate losses in Ether in the upcoming days. On the flip side, a bounce above $482.00 could start a major recovery in ETH/USD.
Weekly Resistance Levels
$482.00 and $505.00
Weekly Support Levels
$445.00 and $400.00
The RSI is currently near the 30 level.
The MACD is gaining pace 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, 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
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