Price Forecast For Ethereum: ETH Turned Short-Term Bearish

The value of Ethereum significantly declined against bitcoin and the US dollar. The value of Ethereum against the US dollar settled below a key support level of $700, indicating a trend of short-term bearish. Technically, the hourly chart indicators of the digital currency are gathering momentum in the bearish territory.

ETH/USD changed Course

In the 10th of May, there were a lot of positive signs on the hourly chart of Ethereum against the US dollar about $750, but the digital currency failed to exceed the resistance level of $765, and it declined sharply afterward. One of the major reasons for the decline is that one of the largest and most popular digital currency exchange platforms in South Korea – Upbit, was invaded by government authorities over the last few days.

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The value of Ethereum against bitcoin also experienced selling pressure and declined to 0.0800BTC. The present bias is negative, showing signs of more losses in the short-term toward 0.0760BTC and 0.0750BTC. The two-hour chart of Ethereum against the US dollar shows a vital rejection close to the resistance level of $745.

Ethereum Downward Movement

The ETH/USD pair began a downward movement and went down below the support levels of $650 and $640. More importantly, there was a decline below a major contracting triangle with $745 support level. Finally, ETH sellers eventually succeeded in pushing the value of Ethereum below an important support level of $700, paving way for more losses.

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The ETH/USD pair traded toward the $665 mark, which could be a short-term support line. Irrespective of the ongoing correction from the low of $667, the digital currency is still in a bearish zone. If the price of Ethereum increases further, the broken support level at $700 might act as a resistance level. Nevertheless, a successfully daily close over the $700 mark will likely decrease the present selling pressure on Ethereum.

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