ETH/USD Forecast: Ether Remains at Risk
|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.
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.
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.