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Ethereum Price Forecast: Ether Approaching Crucial Support





Ether’s price extended its downside correction against the US dollar and bitcoin. ETH/USD could decline further, but the $135.00 level is likely to act as a solid support.

Key Highlights

Ether’s price failed to rebound above $142.00 and extended declines against the US dollar.
ETH/USD traded below a major bullish trend line with support at $138.50 on the 2-hour chart.
ETH/BTC tested the 0.0345BTC support and is currently consolidating losses.

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

Ether Price Analysis (ETH)

After setting a new monthly high at $145.16, ETH/USD started a downside correction. The pair declined below the $140.00 and $138.50 support levels to enter a short-term bearish zone.

Similarly, ETH/BTC started a downside correction after it failed to stay above the 0.0352BTC support. The pair recently broke the 0.0348BTC support and tested the 0.0345BTC support, where buyers emerged.

Ethereum Price Analysis ETH Chart

Looking at the 2-hour chart of ETH/USD, the pair rallied after it broke the $135.00 resistance and traded to a new monthly high at $145.16. Later, it started a downside correction and declined below the $140.00 support plus the 23.6 percent Fibonacci retracement level of the upward move from the $128.76 low to $145.16 high.

Additionally, Ether traded below a major bullish trendline, with support at $138.50. Later, the price attempted a fresh bullish wave, but the broken trendline acted as a resistance near $140.00 and $142.00.

Finally, the price declined further toward the $137.00 support and the 50 percent Fibonacci retracement level of the upward move from the $128.76 low to $145.16 high. To the downside, there is a significant support near $135.00 (the previous resistance).

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair seems to be forming a decent support near $137.00. However, it is facing a lot of hurdles on the upside, starting with $139.00 and $140.00.

Overall, Ether seems to be facing an increase in selling pressure below $140.00. Therefore, there is a risk of an extended decline toward the $135.00 support before buyers take a stand.

Important Resistance Levels

$139.00 and $140.00

Important Support Levels

$137.00 and $135.00

2-hour RSI

The RSI broke the 50 level and tested the 35 level.

2-hour MACD

The MACD is gaining momentum 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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