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Ethereum Price Forecast: Ether Rebound Facing Hurdles

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price rebounded against the US dollar and bitcoin. However, ETH/USD is facing many hurdles near the $180.00 and $182.00 levels.

Key Highlights

Ether’s price declined toward $168.00 and later recovered a few points against the US dollar.
ETH/USD is following a declining channel with resistance at $180.00 on the 2-hour chart.
ETH/BTC recovered and moved above the 0.0315BTC resistance level.

Technically, the 2-hour chart indicators are currently just below midlines in the bearish territory.

Ether Price Analysis

Yesterday, there were heavy declines in ETH/USD below the $200.00 and $180.00 levels. The pair even failed to stay above the $170.00 level and traded close to the $168.00 support.

ETH/BTC started an upside correction and traded above the 0.0310BTC and 0.0315BTC resistance levels. However, the pair is likely to struggle near the 0.0320BTC level, which is a major resistance for a bullish break.

Ethereum Price ETH Analysis

Looking at the 2-hour chart of ETH/USD, the pair declined heavily below $200.00 and settled below the $185.00 pivot zone. Ether even traded below the $170.00 level and formed a new monthly low at $168.87.

Later, the price started a short-term correction and traded above the $175.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $214.75 swing high to $168.87 low. However, the price struggled to stay above the $180.00 level and topped out at $182.85.

More importantly, Ether’s price is currently following a declining channel with resistance at $180.00. Should the price settle above the channel resistance, there could be a test of the $185.00 pivot level. The main resistance awaits near $190.00 and the 50 percent Fibonacci retracement level of the recent decline.

Ether Price Analysis ETH

Moving down to the 30-minute chart, ETH/USD could decline below $177.00. The next supports on the downside are $176.00 and $173.00, below which the price will most likely accelerate toward the $170.00 and $168.00 levels.

The current price action is short-term positive, but gains in Ether remain limited as long as the price is below the $185.00 pivot and the $190.00 resistance.

Important Resistance Levels

$180.00 and $185.00

Important Support Levels

$176.00 and $170.00

2-hour RSI

The RSI is currently placed near the 45 level.

2-hour MACD

The MACD is currently flat 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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