RATE Group | Ethereum Price Forecast: Ether Falls Through Significant Support
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Ethereum Price Forecast: Ether Falls Through Significant Support

08 Aug Ethereum Price Forecast: Ether Falls Through Significant Support

Posted at 16:25h in Ethereum News by

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Ether’s price dropped significantly and broke key supports against the US dollar. ETH/USD could decline further if it breaks the $365.00 support.

Key Highlights

Ether’s price broke the important support at $400.00 and declined sharply against the US dollar.

A crucial bearish trendline is active with current resistance at $410.00 on the 2-hour chart of ETH/USD.

ETH/BTC extended losses and is approaching the 0.0550BTC support.

Technically, the 12-hour chart indicators are accelerating declines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed a positive structure and a possible bullish break above $410.0 in ETH/USD. However, the pair failed to settle above $409.00-410.00 and declined sharply.

There was also an increase in selling pressure on ETH/BTC below the 0.0580BTC pivot level. The pair broke the 0.0570BTC support and is currently heading toward 0.0550BTC.

Ether Price Analysis Chart

Let’s start with the 2-hour chart of ETH/USD to understand the recent rejection and decline. The…

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