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Ether is at a crucial juncture against the US dollar and bitcoin. If ETH/USD closes below $275.00, there can be further declines.

Technically, the daily chart indicators turned bearish and are signaling a bearish trend.

Ether Price Declines To Accelerate

The past two days turned out to be very bearish for Ether as it struggled to hold a few important support levels against the US dollar and bitcoin.

The ETH/USD pair is now at a major risk of further declines below $275.00. Looking at the daily chart, the pair has breached a crucial bullish trendline with support at $310.00 and is currently consolidating losses.

At the outset, the pair is holding a major pivot region near $275.00-$265.00. The $265.00 support is very significant since it is the 50 percent Fibonacci retracement level of the last leg from the $133.79 low to $395.41 high.

If there is a daily close below the stated $265.00 support, the price would accelerate its decline towards the next support below $250.00. However, in the mentioned scenario, the price is more likely to hold $240.00.

The next major support is the 61.8 percent Fibonacci retracement level of the last leg from the $133.79 low to $395.41 high near $233.00.

Ethereum Price ETH/USD Forecast

Dropping down to the 4-hour chart of ETH/USD, there are many bearish signals including a break of a contracting triangle pattern at $280.00. It has set a negative tone and the pair is now at a major risk of further declines, possibly below $300.00.

That said, Ether’s price has to move above $310.00 by end of today or tomorrow to avert any major declines. The short term trend is now bearish with an immediate support pegged near $265.00, below which ETH/USD could drop back to multi-week lows support near the $233.00 level.

Disclaimer:

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.

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