RATE Group | Ethereum Price Forecast: Ether Sets New Yearly Lows, Stays Bearish
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Ethereum Price Forecast: Ether Sets New Yearly Lows, Stays Bearish

11 Aug Ethereum Price Forecast: Ether Sets New Yearly Lows, Stays Bearish

Posted at 16:40h in Ethereum News by

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Ether’s price traded to a new yearly low below $320.00 against the US dollar. ETH/USD’s trend is overwhelmingly bearish below the $350.00 support.

Key Highlights

Ether’s price dropped sharply after it failed to hold the $350.00 support against the US dollar.

ETH/USD remains in a major bearish trend and could decline further below $305.00 and $300.00.

ETH/BTC tumbled below the important support at 0.0550BTC.

Technically, the hourly chart indicators are gaining momentum in the bullish territory.

Ether Price Analysis

Yesterday, we discussed that persistent weakness below the $350.00 support in ETH/USD could indicate a more bearish outlook over the short-to-medium term. The pair broke many key support levels and formed a new yearly low below $320.00.

More importantly, ETH/BTC dived below the 0.0550BTC support and tested the 0.0520BTC area. Should the pair fail to stay above 0.0520BTC, the next stop for sellers could be 0.0500BTC.

Ethereum Price ETH

Looking at the 6-hour chart of ETH/USD, there is a…

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