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Ether Price Analysis
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Ethereum Price Forecast: Ether Breakdown Seems Real, So What’s Next?





Ether’s price is under heavy selling pressure against the US dollar and bitcoin. ETH/USD could accelerate losses toward the $110.00 or $105.00 levels.

Key Highlights

Ether’s price failed to stay above the $123.00 support and extended declines against the US dollar.
A significant bearish trendline is formed with resistance at $123.00 on the 2-hour chart of ETH/USD.
ETH/BTC breached the 0.0340BTC support and tested the 0.0325BTC support area.

Technically, the 2-hour charts are currently near extreme oversold levels in the bearish territory.

Ether Price Analysis

In the weekly analysis of ETH/USD, we discussed the importance of the $123.00 and $116.00 support levels. The pair failed to hold these supports and traded to a new monthly low at $114.64.

ETH/BTC also extended losses below the 00.0340BTC support levels. It even broke the 0.0332BTC support and tested the next key support at 0.0325BTC, where buyers took a stand. The pair may correct higher, but the 0.0340BTC and 0.0350BTC resistance levels could prevent gains.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, there was a downside break below the $123.00 support. The pair traded below the $120.00 and $116.00 support levels to move further into a bearish zone. A new monthly low formed at $114.64; later, the price started a short-term correction.

To the topside, there is a significant bearish trendline formed with resistance at $123.00 on the same chart. A successful break above the bearish trendline and $125.00 is a must for a decent recovery in the coming days.

Moving down to the 30-minute chart of ETH/USD, the pair corrected above $117.00, but it struggled near the $119.00 level and the 50 percent Fibonacci retracement level of the recent drop from the $126.26 high to $114.64 low.

Ether Price Analysis Chart

The price is currently consolidating above $115.00, and it seems like buyers could continue to face a strong selling interest near the $120.00, $123.00, and $125.00 levels.

The risk remains to the downside as Ether settled below the $123.00 support. The short-term picture is bearish, as ETH/USD remains well below a negative 20 SMA and technical indicators hold well into bearish ground. The pair would need to break below $114.00 to confirm a downward extension in the coming hours that can extend to $110.00 or $105.00.

Important Resistance Levels

$123.00 and $125.00

Important Support Levels

$115.00 and $110.00

2-hour RSI

The RSI is currently well below the 30 level.

2-hour MACD

The MACD is placed heavily 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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