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Ethereum Price Forecast: Ether Could React To The Downside

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failure to break key resistance could trigger bearish moves against the US dollar and bitcoin. ETH/USD may accelerate declines if there is a close below $148.00.

Key Highlights

Ether’s price failed again to advance and declined below $155.00 against the US dollar.
ETH/USD is approaching a crucial support near $148.00 on the 2-hour chart.
ETH/BTC is likely to continue lower toward the 0.0365BTC support.

Technically, the 2-hour chart are moving lower in the bearish territory.

Ether Price Analysis

ETH/USD made another attempt to surpass the $160.00 resistance. However, the pair failed to test $160.00 and retreated after forming an intraday high at $157.02. The $148.00 support could hold losses, but a failure will most likely initiate a fresh bearish wave.

ETH/BTC also started a downside correction and traded below the 0.0380BTC support. The pair is currently under pressure and it seems like it may continue to move down toward the 0.0270BTC and 0.0265BTC supports.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair spiked above the $155.00 level, but there was no clear close. Ether declined and settled below the $155.00 level, resulting in a bearish structure. On the upside, there is a strong resistance formed near $155.00 and a connecting bearish trendline.

To recover in the near term, the price must settle above the $155.00 barrier. On the flip side, if sellers remain in action, the price is likely to revisit the main support at $148.00.

The 30-minute chart of ETH/USD suggests a bearish structure below $155.00 and $154.00. The price recently broke the $154.00 support and the 50 percent Fibonacci retracement level of the upward move from the $148.77 low to $157.02 high.

Ether Price Analysis Chart

Ether seems to be heading toward the $150.50 and $149.00 supports, below which it could find a strong buying interest near $148.00. Should sellers succeed in clearing $148.00, the price might head toward $140.00.

Overall, ETH/USD offers a neutral-to-bearish short-term stance in its 2-hour chart, as sellers keep defending the upside toward $160.00. The pair could gain further downward traction on a break below $148.00, with the next relevant support being $140.00.

Important Resistance Levels

$154.00 and $155.00

Important Support Levels

$150.00 and $148.00

2-hour RSI

The RSI is declining toward the 35 level.

2-hour MACD

The MACD is 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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