The price of ether (ETH) has declined recently. It dropped to its lowest value in a month and a half recently and as of the time of this writing, it is trading at $1,814, down from $1,897 when I wrote this in August. The recent decline was caused by the news that the Binance listing for ETH is still undecided. Binance has stated that it will list at least 10 coins per day, and there are several coins that are more important than ETH in the crypto ecosystem.
As has been the case since the beginning of the year, ether has been in a range between $1,700 and $1,800, and it looks as though it might slip back below $1,700 soon. And if you’re a new reader of this blog, you’ll know that both the long-term and short-term forecasts are considerably bullish relative to the market.
Ethereum (ETH) has suffered significant losses since the beginning of the week and is in danger of falling to the $1,700 level if it continues its recent trend.
The cryptocurrency market continued its downward trend yesterday, with bitcoin and other major currencies suffering significant losses. The price of Ether has fallen 5.70% in the past 24 hours and is now trading just above $1,880.
Yesterday’s losses came after a 5.17% drop on Monday. After falling below the first major resistance at $2,133, Ethereum dropped to a late intraday low of $1,917.40. Since then it has suffered further losses and lost crucial support at $1,900.
With the crypto-currency market still in a downtrend, Ether is likely to lose further support levels and fall below $1,800 in the coming hours.
ETH price forecast
The four-hour chart of ETH/USD is currently looking bearish, suggesting that the second-largest cryptocurrency by market capitalization may be about to take further losses. ETH is currently trading near its 20-day simple moving average (1,894.68).
If the current downtrend continues, the ETH will have to defend the next major support around the $1,800 mark. A prolonged sell-off of the market will lead to an FIB correction level of 62% ($1,724). However, ETH should be able to avoid levels below $1,800 and a key support level at $1,838 could limit downside movement.
ETH/USD chart. Source: Coincide
However, if the market reverses, ETH will try to break through the first resistance point at $1,900. A longer rally in the next 24 hours could lead to the next resistance level at $1,969 and a breakout of $2,099.
If Ether is to overcome the current downward trend, it will need support from the broader crypto-currency market. Even with an extended rally, yesterday’s high of $2,047.72 should limit any upward movement.
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