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Ethereum Price Forecast: Ether Signaling Downside Correction

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started a downside correction against the US dollar and bitcoin. ETH/USD could correct a few points, but it remains supported near $120.00 and $116.50.

Key Highlights

Ether’s price failed to break the $125.00 resistance and declined recently against the US dollar.
ETH/USD traded below a key bullish trendline at $122.20 on the 2-hour chart.
ETH/BTC is also correcting lower toward the 0.0335BTC support level.

Technically, the 2-hour chart indicators are about to move into bearish territory.

Ether Price Analysis (ETH)

Yesterday, we discussed key resistances near $124.00 and $126.50 for ETH/USD. The pair failed to gain momentum above $124.00 and recently declined below the $122.50 and $122.00 support levels to start a short-term downside correction.

ETH/BTC settled below the 0.0340BTC support after a sharp upward move. The pair could continue to move down toward the 0.0335BTC or 0.0332BTC support levels in the coming sessions.

Ethereum Price Analysis ETH

The 2-hour chart of ETH/USD suggests that the pair was rejected near the $126.50 level. A bearish candle pattern was formed, resulting in a drop below the $125.00 and $124.00 levels. More importantly, Ether traded below a key bullish trendline at $122.20, opening the doors for an extended correction.

An immediate support is near the 23.6 percent Fibonacci retracement level of the upward move from the $101.40 low to $126.59 high. Should Ether decline below the $120.00 support, the price could test the key support near $116.50.

On the flip side, there are high chances of a decent bounce from the $120.00 support area. To the topside, an initial resistance is $122.50, followed by a bearish trendline, with resistance at $123.80 on the 30-minute chart of ETH/USD.

Ether Price Analysis Chart

An intermediate resistance is $123.50 and the 50 percent Fibonacci retracement level of the recent decline from the $126.59 high to $120.46 low. A successful break above $123.80 and $124.00 will most likely start a fresh bullish wave toward $126.50 or $128.00.

In the short term, Ether’s price could extend its downside correction up to the $116.50 price zone if it breaks below the $120.00 support. Conversely, to start a fresh upward move, buyers need to gain strength above $124.00.

Important Resistance Levels

$124.00 and $126.50

Important Support Levels

$120.00 and $116.50

2-hour RSI

The RSI just moved below the 50 level.

2-hour MACD

The MACD is about to move into 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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