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Ethereum Price Forecast: Ether Could Tumble Below $100

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price nosedived below key supports against the US dollar and bitcoin. ETH/USD is likely to decline further and could accelerate losses below the $100.00 support.

Key Highlights

Ether’s price broke the key $106.00 support area to move into a bearish zone against the US dollar.
ETH/USD traded below a major bullish trendline, with support at $107.00 on the 6-hour chart.
ETH/BTC declined heavily and broke the 0.0305BTC support level.

Technically, the 6-hour chart indicators are moving lower in bearish territory.

Ether (ETH) Price Analysis

Yesterday, we saw how ETH/USD sellers were waiting on the sidelines for a break below the $106.00 support level. The pair did break the $106.00 support, resulting in a sharp drop toward the $100.00-101.00 support area.

Similarly, there was a significant weakness in ETH/BTC below the 0.0310BTC and 0.0305BTC support levels. The pair is currently consolidating losses near 0.0300BTC, and it could decline further in the near term.

Ethereum Price Analysis ETH

Let’s start with the 6-hour chart of ETH/USD to understand the recent decline from the $111.47 swing high. After a steady recovery from the $101.05 level, there was a strong selling interest near the $110.00-110.00 resistance zone.

The pair consolidated in a range below the $110.00 resistance for a few days, and finally there was a downside break below the $106.00 pivot. Ether also traded below a major bullish trendline, with support at $107.00 on the same chart.

The recent downside break has opened the doors for a test of the last swing low at $101.05, below which there is a risk of a sharp decline below the $100.00 handle. The next key supports are near the $98.00 and $95.00 levels.

Ether Price Analysis Chart

To the topside, there are many resistances formed, such as $105.00, $106.00, $107.00, and a bearish trendline. The 2-hour chart of ETH/USD suggests that the pair is currently consolidating losses above $102.00, with a bearish angle.

Should Ether correct higher, it could face a strong selling interest near the $106.00 level and the 50 percent Fibonacci retracement level of the recent drop from the $111.47 high to $101.40 low.

Important Resistance Levels

$104.50 and $106.00

Important Support Levels

$101.00 and $100.00

6-hour RSI

The RSI is now well below the 30 level.

6-hour MACD

The MACD is gaining strength 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.