RATE Group | Ethereum Price Forecast: Ether Testing Last Line Of Defense
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Ethereum Price Forecast: Ether Testing Last Line Of Defense

02 Aug Ethereum Price Forecast: Ether Testing Last Line Of Defense

Posted at 15:58h in Ethereum News by

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Ether’s price is moving south against the US dollar and bitcoin. ETH/USD is at risk of more losses below the $400.00 support area.

Key Highlights

Ether’s price failed to breach the $425.00 and $430.00 resistances and declined against the US dollar.

A significant resistance is formed near $425.00 and a bearish trendline on the 2-hour chart of ETH/USD.

ETH/BTC broke an important support at 0.0550BTC, opening the doors for a test of 0.0520BTC.

Technically, the 12-hour chart indicators are signaling heavy selling pressure in the bearish territory.

Ether Price Analysis

Yesterday, we discussed two key resistances at $425.00 and $430.00 for ETH/USD. The pair attempted a recovery, but it failed to surpass the $430.00 hurdle and declined below yesterday’s low.

More importantly, there was a bearish break below 0.0550BTC in ETH/BTC. The pair may perhaps continue to move down toward the next supports at 0.0535BTC and 0.0520BTC.

Ethereum Price Chart ETH

Looking at the 12-hour chart of ETH/USD, the pair started a…

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