Key Highlights
Ether failed to overcome selling pressure against the US Dollar and currently trading below $200.00.
Two key bearish trendlines with resistances at $210.00 and $225.00 on the 4-hour chart of ETH/USD continue to prevent recoveries.
ETH/BTC held the ground above 0.085BTC as Bitcoin price was under pressure versus all major cryptocurrencies.

Technically, the 4-hour chart indicators are gaining momentum in the bearish territory.

Can Ether Price Hold $175?

The past few days were mostly bearish for both ETH/USD and ETH/BTC. Every time buyers attempted a recovery, they faced negative sentiment and the price moved down.

Ether Price Analysis Chart

The recent failure was near $200.00 in ETH/USD. Looking at the hourly chart, there is a confluence of bearish trendlines forming near $200.00 which recently acted as a resistance.

The pair is once again heading lower and trading below $190.00. An immediate support sits around the last swing low of $181.74. However, the most important support is now $174.08 (this month’s low).

There are chances of ETH/USD continuing lower and testing the $180.00 support zone. The pair has to remain above $175.00 to avoid any major declines in the near term. If sellers succeed in breaking $175.00, there can be a sell-off towards the $160.00-150.00 zone.

On the upside, the bearish trendlines with resistance at $200.00 can be seen as a short-term barrier. Moving on to the 4-hour chart, there are two key bearish trendlines with resistances at $210.00 and $225.00.

Ethereum ETH USD Forecast

On the downside, the $175.00 support is an important junction for both buyers and sellers. A break and close below $175.00 won’t be easy since it provided support on 2-3 occasions.

In terms of the market sentiment, it’s mostly Bitcoin’s sell-off what led the weakness in Ether as well. And clearly, the price is strongly bearish in the short term.

To sum up, Ether is facing a tough period of selling pressure and only positive sentiment from investors can hold losses below $175.00.

Important Resistance Levels

$200.00 and $210.00

Important Support Levels

$180.00 and $175.00

4-hour RSI

The RSI turned firmly lower after failing to break the 50 level.

4-hour MACD

The MACD is accelerating momentum in the bearish zone.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

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