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Ethereum Price Forecast: Support Turned Resistance For Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price traded below key support levels against the US dollar and bitcoin. ETH/USD could correct higher, but the previous support near $135.00 might act as resistance.

Key Highlights

Ether’s price failed to climb above $140.00 and declined below $134.00 against the US dollar.
A crucial resistance is formed near $135.00 and a bearish trendline on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0342BTC support and remains in a strong downtrend.

Technically, the 2-hour chart indicators are moving lower in bearish territory.

Ether Price Analysis (ETH)

In the past few days, we saw many rejections in ETH/USD near the $140.00 resistance. Yesterday, we discussed that a continuous failure to break the $140.00 resistance is likely to put buyers on the back foot. The pair failed to gain bullish momentum and declined below the $136.00 and $134.00 support levels.

ETH/BTC also extended losses below the 0.0345BTC support level. The pair even broke the 0.0342BTC support level and is currently trading near 0.0340BTC, below which Ether could decline to 0.0332BTC in the near term.

Ethereum Price Analysis ETH Forecast

Looking at the 2-hour chart of ETH/USD, the pair formed a few swing highs, but a continuous failure to clear the $140.00 resistance resulted in a bearish reaction. Ether’s price broke the key $135.00 and $134.00 support levels to enter a bearish zone.

The price even traded below the 50 percent Fibonacci retracement level of the upward move from $125.35 to $141.32. It tested the next important support near $132.00 and started consolidating losses.

To the topside, there is a crucial resistance formed near $135.00 and a bearish trendline with resistance at $137.00. The main resistance is still $140.00, above which the price could gain bullish momentum.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair traded as low as $131.64 and is currently correcting higher. However, the previous support near $135.00 and a bearish trendline are likely to prevent gains.

Should Ether surpass the $135.00 and $137.00 levels, it could move back toward the $140.00 resistance. If not, there is a risk of a downside extension below $132.00 and $130.00 in the coming sessions.

Important Resistance Levels

$135.00 and $137.00

Important Support Levels

$132.00 and $130.00

2-hour RSI

The RSI is currently flat near the 45 level.

2-hour MACD

The MACD is slowly gaining pace 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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