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Ethereum Price Forecast: Ether Turned 'Sell' On Rallies

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price made a sharp u-turn and trimmed gains against the US dollar. ETH/USD is now trading in a bearish zone below $123.00 and $125.00.

Key Highlights

Ether’s price failed to break the $128.00 resistance and declined sharply against the US dollar.
ETH/USD traded below a crucial bullish trendline with support at $124.00 on the hourly chart.
ETH/BTC failed to break the 0.0340BTC resistance level and declined toward 0.0330BTC.

Technically, the hourly chart indicators are slowly recovering from the oversold territory.

Ether Price Analysis

After a decent upward move above the $125.00 resistance, ETH/USD failed to surpass the $128.00 hurdle. The pair topped out at $128.07 and later started a sharp downward move below the $125.00 and $120.00 supports.

ETH/BTC also failed to clear the 0.0340BTC resistance, resulting in a fresh drop back to 0.0330BTC. Should Ether trade below 0.0330BTC, the price could continue to decline toward the 0.0325BTC and 0.0320BTC supports.

Ethereum Price Analysis ETH

Starting with the hourly chart of ETH/USD, the pair was clearly rejected near the $128.00 level. The pair started a steady decline and broke the $125.00 support plus the 50 percent Fibonacci retracement level of the upward move from the $118.82 low to $128.07 high.

Additionally, sellers pushed the price below a crucial bullish trendline with support at $124.00 on the same chart. It opened the doors for more losses, and the price declined sharply below the $120.00 support and the $118.82 swing low.

A new intraday low was formed at $117.24; later, the price started a short-term upside correction. Ether traded above the $118.00 level and could test the $120.00 resistance plus the 23.6 percent Fibonacci retracement level of the recent drop from the $128.07 high to $117.24 low.

Ether Price Analysis ETH

However, the main resistance is near the $123.00 level, a broken channel, and the 50 percent Fibonacci retracement level of the recent drop. A successful close above the $123.00 resistance may set the pace for an upward move above $125.00 and $128.00.

On the flip side, if Ether buyers fail to gain momentum above $120.00 or $123.00, the price will most likely resume its decline below $117.00 and $115.00 in the coming sessions.

Weekly Resistance Levels

$128.00 and $132.00

Weekly Support Levels

$115.00 and $112.00

Hourly RSI

The RSI is recovering toward the 40 level.

Hourly MACD

The MACD is slowly reducing its bearish slope.

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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