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Ethereum Price Forecast: Ether Bears Could Target $150

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price dropped heavily against the US dollar and bitcoin. ETH/USD is now at a risk of more losses below $170.00 and $165.00 in the near future.

Key Highlights

Ether’s price fell significantly below $200.00 and $180.00 against the US dollar.
ETH/USD broke a major bullish trendline with support at $198.00 on the daily chart.
ETH/BTC tested the 0.0300BTC support and later recovered above 0.0310BTC.

Technically, the daily chart indicators moved down sharply in bearish territory.

Ether Price Analysis

Yesterday, we saw a crucial downside break below $207.00 and $200.00 in ETH/USD. Later, the pair fell significantly and traded below the $198.00, $185.00, and $180.00 support levels.

ETH/BTC also declined sharply below 0.0310BTC and tested the 0.0300BTC support. Later, the pair recovered and moved back above the 0.0310BTC level; it is currently consolidating.

Ethereum Price Analysis Chart ETH

Starting with the daily chart of ETH/USD, the pair clearly failed to surpass the $225.00 resistance and a bearish trendline. It resulted in a sharp decline and Ether traded below the $210.00 and $200.00 support levels.

More importantly, sellers pushed the price below a major bullish trendline with support at $198.00, opening the door for further declines. Additionally, the price tumbled below the 61.8 percent Fibonacci retracement level of the last major upside from the $167.73 low to $254.66 high.

The next key support awaits near the current year low at $167.73, below which the price could slide toward $160.00. Should Ether sellers remain in action in the medium term, the price could even drop to $150.00 or the 1.236 Fibonacci extension level of the last major upside at $145.00.

Ether Price Analysis ETH

Dropping down to the 2-hour chart of ETH/USD, the pair is currently forming a bearish continuation pattern, with resistance near $175.00. To rebound in the short term, the price must surpass the $175.00, $180.00, and $185.00 resistances.

Overall, it seems like Ether’s price completed a correction wave from the last $167.73 low at $254.66. It is back in downtrend and it could extend declines below $167.00 and $160.00 in the coming days.

Important Resistance Levels

$180.00 and $185.00

Important Support Levels

$165.00 and $160.00

Daily RSI

The RSI is moving lower toward the 30 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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