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Ethereum Price Forecast: Ether Remains Vulnerable Below $120

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price struggled a lot to gain bullish momentum against the US dollar and bitcoin. ETH/USD is poised to make the next significant move either above $120.00 or toward $105.00.

Key Highlights

Ether’s price is confined in a tight range below the $120.00 resistance against the US dollar.
A significant resistance is formed near $118.00 and two bearish trendlines on the 2-hour chart of ETH/USD.
ETH/BTC remains at a risk of more losses toward the 0.0322BTC support.

Technically, the 2-hour chart indicators are currently flat in the bearish territory.

Ether Price Analysis

These past few days, there were mostly range moves in ETH/USD, with a bearish formation from the $140.00 swing high. The pair settled below the $125.00 and $120.00 support levels, which are now acting as crucial hurdles.

ETH/BTC also faced a fresh round of selling recently as it broke the 0.0330BTC and 0.0328BTC support levels. The pair even broke the 0.0325BTC support, and it seems like it could revisit the key 0.0322BTC support in the near term.

Ether Price Analysis ETH

Looking at the 30-minute chart of ETH/USD, the last few candles suggest swing moves above the $115.00 support. It seems like Ether buyers made a few attempts to surpass the $118.00 resistance area, but they failed. Simultaneously, sellers struggled to clear the $115.00 support and a connecting bullish trendline.

The current price action indicates range moves between $115.00 and $118.00, but ETH is very likely to make the next significant move in the coming sessions.

Ethereum Price Analysis ETH

Moving up to the 2-hour chart of ETH/USD, there were a few rejections near the $118.00 resistance and two bearish trendlines. The pair is clearly facing a tough resistance near $118.00; it seems like as long as Ether is trading below $120.00, it remains vulnerable.

On the downside, the main support is at $115.00, below which there is a risk of a sharp drop toward the $110.00 or even $105.00 support level. Therefore, the upcoming break could be crucial, and it might set the tone for the next few days.

Important Resistance Levels

$118.00 and $120.00

Important Support Levels

$115.00 and $112.00

2-hour RSI

The RSI is near the 35 level with a bearish angle.

2-hour MACD

The MACD is currently flat 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.