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

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.