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Ethereum Price Forecast: Ether Rally Unwinds, Key Support Nearby

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started a short-term downside correction against the US dollar and bitcoin. ETH/USD must stay above $148.00-150.00 to bounce back.

Key Highlights

Ether’s price declined recently and broke the $158.00 and $156.00 supports against the US dollar.
A significant support is formed near $150.00 and two bullish trendlines on the 2-hour chart of ETH/USD.
ETH/BTC corrected lower and tested the key 0.0380BTC support.

Technically, the 2-hour chart is currently near midlines in the bullish territory.

Ether Price Analysis

ETH/USD made another attempt to surpass the $160.00-162.00 resistance zone, but it failed. Later, the pair started a downside correction and traded below the $158.00 and $156.00 support levels.

ETH/BTC also started a short-term correction below the 0.0400BTC support. The pair broke the 0.0392BTC support and tested the key 0.0380BTC support, below which Ether could decline toward 0.0365BTC.

Ethereum Price ETH Analysis

Looking at the 2-hour chart of ETH/USD, there were two rejections noted above the $160.00 barrier. Buyers struggled to gain momentum above $160.00, resulting in a bearish reaction. The price declined below the $156.00 support and traded close to the $150.00 support.

To the downside, there is a significant support formed near $150.00 and two bullish trendlines. Should Ether break the $148.00-150.00 support, the price could extend the current decline toward the next major support at $140.00.

Moving down to the 30-minute chart of ETH/USD, the pair traded as low as $151.50 and is currently consolidating losses. An initial resistance is near the $154.00 level and the 23.6 percent Fibonacci retracement level of the recent drop from the $162.76 high to $151.50 low.

Ether Price Analysis ETH

However, the main hurdle for buyers is near the $156.00 level (the previous support) and a bearish trendline on the same chart, followed by the 50 percent Fibonacci retracement level of the recent drop.

Therefore, to start a fresh upward move, the price must clear the $156.00 and $157.00 resistance levels. If not, there is a risk of a downside push below $150.00 in ETH/USD in the near term.

Important Resistance Levels

$156.00 and $160.00

Important Support Levels

$150.00 and $148.00

2-hour RSI

The RSI is just near the 50 level.

2-hour MACD

The MACD is slowly gaining bearish momentum.

Aayush Jindal

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.

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