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Ethereum Price Forecast: Ether At Risk Of More Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is consolidating losses against the US dollar and bitcoin. ETH/USD is likely to extend declines if there is no break above $200.00.

Key Highlights

Ether’s price failed to correct above the $199.00 and $200.00 resistances against the US dollar.
Two important bearish trendlines are in place, with resistance around $204.00 on the 6-hour chart of ETH/USD.
ETH/BTC is eyeing a downside break below the key 0.0310BTC support.

Technically, the 6-hour chart indicators extended declines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that recoveries in ETH/USD above the $198.00 level are likely to face heavy selling interest near $199.00 and $200.00. The pair failed to gain momentum above $197.50 and is currently trading in a tight range.

ETH/BTC is currently flirting with the 0.0310BTC support. The pair seems to be following a bearish structure and could decline sharply if there is a close below 0.0310BTC.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair failed to settle above two important bearish trendlines, with current resistance around $204.00. It declined below the key $200.50 support and traded close to the last swing low of $193.61.

The pair is currently consolidating above the $195.00 level, with an immediate support near the recent low at $194.32. Should Ether decline below the recent low, there is a risk of further declines below the $193.61 swing low.

Conversely, if there is an upside correction, the price is likely to struggle near the $199.00, $200.00, and $200.50 resistance levels. The crucial barrier is near both trendlines and $205.00, above which buyers could take control.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, the pair is currently range bound above the $194.32 low. An immediate resistance is near $197.5 followed by the $199.00-200.00 zone.

Overall, technical readings in the 6-hour chart keep the risk leaned to the downside in Ether, as the price is extending its decline below its 21 SMA. A convincing break through $193.61 will likely exacerbate the sell-off in ETH/USD, with the next possible bearish target at $180.00.

Important Resistance Levels

$199.00 and $200.00

Important Support Levels

$195.00 and $193.60

6-hour RSI

The RSI is well below the 35 level with a negative angle.

6-hour MACD

The MACD is placed heavily 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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