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Ethereum Price Forecast: Ether Vulnerable Below $200

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is under heavy selling pressure against the US dollar and bitcoin. ETH/USD broke the $200.00 support and could continue to slide in the near term.

Key Highlights

Ether tumbled and broke the important $200.00 support against the US dollar.
ETH/USD broke a crucial bearish pennant with support at $270.00 on the daily chart.
ETH/BTC tested the 0.0300BTC support and remains at a risk of more declines.

Technically, the daily chart indicators are closing in towards the oversold levels.

Ether Price Weekly Analysis

In the last two analyses, we discussed that ETH/USD could extend declines below the $211.61 low and $200.00. The pair did move down, broke the important $200.00 support, and traded to a new yearly low at $185.11.

Similarly, there were heavy losses in ETH/BTC below the 0.0340BTC support. The pair even broke the 0.0320BTC support and tested the 0.0300BTC zone. The next key support is near 0.0265BTC.

Ethereum price Analysis ETH Chart

Looking at the daily chart of ETH/USD, there are many bearish signals visible from the $515.09 swing high. The pair remained in a downtrend in August 2018 and settled below the $300.00 support level.

Later, the pair formed a crucial bearish pennant pattern with support at $270.00, which was breached earlier this month to open the door for more declines.

Ether’s price extended declines below the $200.00 psychological support, moving further into a bearish zone. Should sellers remain in control in the coming days, there could be more declines toward the $170.00 and $160.00 support levels.

To the top side, there is a significant bearish trendline in place with resistance at $250.00 on the same chart. A successful close above the trendline and the $270.00 pivot zone is needed for Ether to start a decent recovery.

Ether Price Analysis Chart

In the short term, the 2-hour chart of ETH/USD indicates that the previous support at $210.00 may well act as a solid resistance. There is also a connecting bearish trendline in place with resistance near $212.00.

Overall, Ether remains in a strong downtrend below $200.00, and any recoveries are likely to face selling interest near the $210.00, $212.00, $230.00, and $250.00 resistances. Important supports below the recent low are $170.00, $160.00, and $150.00.

Weekly Resistance Levels

$210.00 and $230.00

Weekly Support Levels

$170.00 and $160.00

Daily RSI

The RSI is heading lower toward the 20 level.

Daily MACD

The MACD is gaining strength 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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