Categories: Ethereum

Ethereum Price Forecast: Ether’s Price Drops Dramatically

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Key Highlights

Ether’s price traded below the key $207.00 support and declined sharply against the US dollar.

Technically, the 2-hour chart indicators are accelerating lower in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that there could be an extended decline below the $207.00 support in ETH/USD. The pair failed to surpass the $212.00 and $213.00 resistances and declined sharply below $208.00 and $207.00.

ETH/BTC also faced an increased selling pressure below the 0.0330BTC level and it failed to stay above the key 0.0325BTC support. The pair traded below the 0.0320BTC level to move back in a bearish zone.

Looking at the 6-hour chart of ETH/USD, the pair topped at $223.86 and started a major downward move. It followed a bearish trendline and traded below the $215.00 and $210.00 support levels. Sellers took control and pushed the price below the 50 percent Fibonacci retracement level of the last recovery from the $192.69 low to $223.86 high.

More importantly, the pair traded below a key bullish trendline with support at $208.00. It opened the gates for more losses and the price tumbled far below the key $207.00 support to move into a bearish zone.

The price is currently trading well below the $200.00 handle and the 76.4 percent Fibonacci retracement level of the last recovery. It then fell below additional supports at $198.00 and $195.00.

The price is currently trading below even the $192.70 swing low. The 2-hour chart of ETH/USD suggests that the recent downside break was crucial below $207.00.

Aayush Jindal

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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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.

Ether’s price traded below the key $207.00 support and declined sharply against the US dollar.

Technically, the 2-hour chart indicators are accelerating lower in the bearish territory. […]

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