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Ethereum Price Forecast: Ether At Risk Of More Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is struggling to recover against the US dollar and bitcoin. ETH/USD remains at risk of more losses below the $211.00 support.

Key Highlights

Ether corrected higher but faced a strong resistance near $232.00 against the US dollar.
ETH/USD is forming a range with support at $210.00 and resistance near $235.00 on the 2-hour chart.
ETH/BTC is currently consolidating below the 0.0360BTC resistance level.

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

Ether Price Analysis

There was a short-term correction initiated in ETH/USD from the $211.61 low. The pair traded above the $220.00 and $230.00 levels, but it failed to hold gains above the $232.00 resistance and declined.

Similarly, ETH/BTC corrected a few points, but buyers did not succeed in pushing the price above the 0.0350BTC and 0.0360BTC resistance levels. It could continue to trade in a range above 0.0330BTC and prepare for the next move in the coming sessions.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair corrected from the $211.61 low and traded above the $225.00 level. However, Ether faced strong resistance near the $232.00-235.00 zone and the 23.6 percent Fibonacci retracement level of the drop from the $302.26 high to $211.61 low.

There were two to three attempts by Ether’s price to surpass the $232.00-235.00 resistance, but it failed. An intraday high was formed at $234.14 and later the price started a downward move.

Ether Price Analysis Chart

The price broke the $220.00 level and traded as low as $213.94. It is currently moving higher toward the $225.00 resistance and a bearish trendline on the 30-minute chart. Should ETH/USD break the trendline and $225.00, it could retest the $232.00-235.00 resistance zone.

On the other hand, if the price fails to climb above $232.00, it may extend losses below the recent low of $213.94. More importantly, there is a risk of an extended slide below this week’s low at $211.61. The next crucial support is at $200.00, below which buyers will most likely come under a lot of pressure.

Important Resistance Levels

$225.00 and $235.00

Important Support Levels

$211.00 and $200.00

2-hour RSI

The RSI is declining toward the 20 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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