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Ether Price Analysis
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Ethereum Price Analysis: Can ETH/USD Hold $175-180?





Ether is down by more than 25 percent against the US dollar and 3 percent versus bitcoin. ETH/USD failed to hold $233.00 and is now approaching a crucial support near $175.00.

Key Highlights

Ether sellers are in control, as the price dived below the $233.00 support against the US dollar.
The next important support sits near $175.00-$180.00 on the daily chart of ETH/USD.
ETH/BTC was down 3 percent and traded towards the 0.068BTC level.

Technically, the daily chart indicators are still some distance away from reaching oversold levels.

Ether Price Searching for Support

A couple of Chinese bitcoin exchanges recently decided to shut down operations in China, which further ignited Ether selling causing the price to tumble below the $250.00 and $233.00 support levels.

Ethereum Price Analysis Chart

The most important break was below $233.00 and the 61.8 percent Fibonacci retracement level of the last major wave from the $133.79 low to $395.41 high.

It has opened the doors for further declines in the near term and now ETH/USD could even struggle to hold the $200.00 psychological level. The next technical support is around the 76.4 percent Fibonacci retracement level of the last wave from the $133.79 low to $395.41 high at $194.00.

Below $194.00, there is a crucial support zone near $175.00-$180.00 on the daily chart of ETH/USD. The mentioned $175.00 level provided support on a few occasions previously and has potential to hold the current decline.

Ether Price ETH/USD Forecast

If buyers fail to protect losses below $175.00, ETH/USD would head towards the July’s low of $133.79. Dropping down to the 30-minute chart, the pair attempted a short-term correction from $220.00 and consolidated for a few hours.

However, Ether failed to overcome selling pressure near $240.00, declined once again, and even broke the $220.00 level. The consolidation support at $220.00 is now a resistance. There is also a bearish trendline positioned near $210.00 to act as a short-term resistance.

Overall, the recent rise in selling interest is driving the market lower. ETH/USD could continue to decline, but supports like $175.00 and $135.00 won’t give up easily.

Daily MACD

The MACD is pointing to a sharp increase in the bearish pressure on Ether.

4-hour RSI

The RSI is about to reach the oversold levels.

Important Support Levels

$180.00 and $175.00

Important Resistance Levels

$220.00 and $240.00

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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