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Ethereum Price Forecast: Ether Confined In Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is slowly moving lower, with a bearish bias against the US dollar and bitcoin. ETH/USD could accelerate losses if there is a break below the $135.00 support.

Key Highlights

Ether’s price is trading below the key $138.00 and $140.00 resistances against the US dollar.
A crucial bearish trendline is formed with resistance near $136.50 on the 2-hour chart of ETH/USD.
ETH/BTC corrected lower and tested the 0.0340 BTC support level.

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

Ether Price Analysis (ETH)

After trading as high as $138.26, there was a slow and steady decline in ETH/USD. The pair is currently trading with a bearish angle toward the $135.00 and $132.80 support levels.

ETH/BTC also faced an increase in selling pressure after it failed to stay above the 0.0342 BTC support. The pair declined, testing the 0.0340 BTC support level, and is currently trading in a tight range.

Ethereum Price Analysis ETH Forecast

Starting with the 2-hour chart of ETH/USD, the pair found support near $132.80 after a sharp decline from the $140.00 resistance. The pair rebounded above $135.00 and the 50 percent Fibonacci retracement level of the decline from the $139.98 high to $132.80 low.

However, the $138.00 area acted as a strong resistance along with the 76.4 percent Fibonacci retracement level of the decline from the $139.98 high to $132.80 low. A swing high was formed near $138.25. Later, the price declined steadily.

It recently broke the $136.00 support level and seems to be struggling near the $135.00 support. Should Ether trade below the $135.00 support, the price could revisit the $132.80 low in the near term.

Ether Price Analysis Chart

On the upside, there is a crucial bearish trendline formed, with resistance near $136.50 on the same chart. A successful close above the trend line and $137.00 could clear the path for a decent rebound toward $138.00 and $140.00.

Moving down to the 30-minute chart of ETH/USD, there are clearly many hurdles for buyers near $136.00 and $136.50. Therefore, there is a risk of a downside break below $135.00 and $134.00 unless Ether climbs above the $136.50 and $137.00 resistances.

Important Resistance Levels

$136.50 and $138.00

Important Support Levels

$135.00 and $132.80

2-hour RSI

The RSI is moving lower toward the 25 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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