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Ethereum Price Forecast: Ether Could Test $150

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price extended its decline to new lows against the US dollar and bitcoin. ETH/USD remains in a bearish zone and it could extend its slide to $150.00.

Key Highlights

Ether’s price tumbled to new a new yearly low at $167.73 against the US dollar.
ETH/USD is following a declining channel with resistance at $175.00 on the 30-minute chart.
ETH/BTC broke the 0.0300BTC support and tested the 0.0275BTC zone.

Technically, the 2-hour chart indicators are reaching the extreme oversold levels in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that a break below $188.00 in ETH/USD could spark more declines toward $185.00 and $180.00. The pair did move down, broke the $188.00 and $180.00 supports, and traded to a new yearly low at $167.73.

ETH/BTC also faced heavy selling pressure, resulting in a downside break below the important 0.0310BTC support. The pair traded toward the 0.0270BTC level and it seems like it may continue to move south toward 0.0260BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair broke the $185.00 support, retested the same support, and finally extended losses below the $180.00 level. The last three candles indicate that sellers remain in control and Ether could decline further toward $160.00 and $150.00.

Should there be an upside correction, the previous support at $185.00 is likely to act as a resistance for buyers. There is also a connecting bearish trendline place on the same chart with resistance at $184.00.

Ether Price Analysis ETH Chart

In the short term, the 30-minute chart suggests that ETH/USD is currently consolidating losses above the $167.00 level. To the topside, there is a key resistance forming near $174.0. More importantly, the price might face a strong hurdle near a declining channel with resistance at $175.00.

Ether could start an upward corrective movement on an acceleration through $175.00, the immediate resistance, which can extend up to $185.00, where selling interest will likely reappear. On the downside, a break below the $167.73 low could set the pace for additional losses toward the next key supports at $160.00 and $150.00.

Important Resistance Levels

$175.00 and $185.00

Important Support Levels

$167.00 and $160.00

2-hour RSI

The RSI is currently near 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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