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Ethereum Price Forecast: Upsides Still Capped In Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failed to break key resistances against the US dollar and bitcoin. ETH/USD declined again and it seems to be facing an increase in selling pressure below $135.00.

Key Highlights

Ether failed to clear the $135.00 resistance and declined against the US dollar.
ETH/USD is following a declining channel with resistance at $137.00 on the 6-hour chart.
ETH/BTC struggled to clear the 0.0345BTC resistance and traded below 0.0420BTC.

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

Ether Price Analysis (ETH)

After yesterday’s rebound from the $128.76 low, ETH/USD faced a strong resistance near $135.00. The pair failed to hold gains and started a slow decline below the $134.00 level.

ETH/BTC followed a similar pattern after it was rejected near the 0.0345BTC resistance. The pair trimmed gains and traded below the 0.0342BTC support. The next key support is at 0.0340BTC, below which Ether could retest 0.0335BTC.

Ethereum Price Analysis ETH Forecast

The 6-hour chart of ETH/USD suggests a strong barrier for buyers near the $140.00 resistance zone. After the last rejection near the $141.00 level, the pair started a slow and steady decline. There were a few intermediate swing highs before the price tested the $130.00 support level.

A low was formed recently at $128.76 before the price rebounded. However, there are many hurdles on the upside near the $135.00, $136.00, $138.00, and $140.00 levels. Ether’s price seems to be following a declining channel, with resistance on the same chart.

Therefore, a clear break above the channel resistance and then $140.00 is a must for a strong upward move toward the $145.00 and $150.00 levels. The 2-hour chart of ETH/USD also suggests a cluster of resistances on the upside near the $134.00, $135.00, and $138.00 levels.

Ether Price Analysis Chart

To the downside, the $130.00 support could play a crucial role, below which there is a risk of a drop to $125.00 or $122.00. The overall price formation is slightly negative unless Ether buyers succeed in surpassing the $135.00 and $137.00 resistance levels in the coming sessions.

Important Resistance Levels

$135.00 and $137.00

Important Support Levels

$132.00 and $130.00

6-hour RSI

The RSI is currently well below the 40 level.

6-hour MACD

The MACD is gaining traction 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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