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Ethereum Price Forecast: Ether Primed For More Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

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 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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