Etereum Price Forecast: Ether Nosedives at $ 250, Turns Bearish



5 September 2018 15:13

The price of Ether dropped significantly compared to the US dollar and bitcoin. The ETH / USD is back in a bearish area and remains at risk of further losses of less than $ 250.00.

Key Points

Ether failed to capitalize on recent gains and decreased dramatically below $ 270.00 compared to the US dollar.

ETH / USD broke a significant triangular pattern with support for $ 275.00 on the 12-hour chart.

ETH / BTC also fell heavily and traded below the 0.0380BTC support.

Technically, the 12-hour chart indicators are accelerating the bearish territory further down.

Analysis of the prices of the ether

This week we discussed a possible shift towards the top of the ETH / USD towards the resistance of $ 300.00. However, it seems that Ether buyers have struggled to clear the resistance of $ 290.00, with a sharp downtrend below $ 280.00 and $ 270.00.

More importantly, there were further losses in ETH / BTC below the 0.0400BTC level. The pair passed the 0.0380TBTC support, opening the doors for a 0.0350BTC test.

  Ether Price Analysis ETH

Starting from the 2-hour chart of Eth / USD, the pair was following a declining channel with resistance at $ 290.00. The buyers failed to get traction greater than $ 290.00, lighting a strong bearish move below channel support at $ 278.00.

Ether's price has declined heavily and has broken major media such as $ 272.00, $ 270.00 and $ 260.00. He traded near the last minimum of swing and formed a new weekly minimum at $ 251.93. The price is currently picking up, but the previous $ 270.00 support is likely to act as strong resistance.

In addition, the Fibonacci 50% retracement level of the recent decline from $ 302.26 to $ 251.93 near $ 276.00 could also stop Ether.

  Chart of the price of etereum

Turning to the 12-hour chart, the pair broke a significant triangular pattern with support for $ 275.00. If the sellers of Ether can push the price below the $ 250.00 support, it could lead to heavy slides towards $ 220.00 and $ 200.00.

To sum up, the recent fall has changed the trend and reduced the chances of a break above $ 300.00 in the near term. The next move in ETH / USD now depends on maintaining the support of $ 250.00

Major resistance levels

$ 270.00 and $ 276.50

Important levels of support

$ 250.00 and $ 220.00

12-hour RSI [19659019] The RSI is well below the level 40.

MACD at 12 hours

The MACD is gaining strength in the area bearish.

Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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