Ethereum Price Forecast: Ether Primed For More Declines

Google+ Pinterest LinkedIn Tumblr +

Ether’s price moved into a bearish zone against the US dollar and bitcoin. ETH/USD remains at a risk of more losses below the $120.00 level in the near term.

Key Highlights

Ether’s price traded further below the $125.00 support against the US dollar.

A crucial resistance is formed near $130.00 on the 30-minute chart of ETH/USD.

ETH/BTC settled below the 0.0350BTC support and could test 0.0332BTC.

Technically, the 2-hour charts are currently placed in the oversold territory.

Ether Price Analysis

Yesterday, we saw a bearish turn in ETH below the key $148.00 support. The pair even traded below the $130.00 and $125.00 support levels to move into a negative zone. More importantly, Ether seems to be struggling to hold the $124.00-125.00 support area.

ETH/BTC declined below the 0.0362BTC and 0.0350BTC support levels. The pair is trading with a bearish angle and may continue to decline toward the 0.0332BTC and 0.0325BTC support levels.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair declined heavily after it broke the $148.00 support. Sellers even managed to push the price below the $130.00 support. Later, there was a consolidation pattern formed, resulting in a bearish continuation below the $125.00 support.

A new monthly low was formed at $123.08, and the price is currently showing a few recovery signs. An initial hurdle for buyers is near a bearish trendline, with resistance at $128.00 on the 30-minute chart.

Ether Price Analysis Chart

However, the main resistance is at $130.00, above which the price may extend gains toward the $133.00 level and the 23.6 percent Fibonacci retracement level of the drop from the $163.57 high to $123.08 low. A successful close above $133.00 and $135.00 may open the doors for an extended recovery toward the $140.00 level.

On the flip side, if Ether’s price fails to surpass the $130.00 and $133.00 resistances, it could decline below $125.00 and $123.00. The next key support is at $116.00 and $112.00, followed by the $110.00 pivot level.

Important Resistance Levels

$130.00 and $133.00

Important Support Levels

$125.00 and $116.00

2-hour RSI

The RSI is currently near the oversold region, with a few recovery signs.

2-hour MACD

The MACD is gaining momentum in the bearish zone.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.

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.

Share.

Leave A Reply