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Ethereum Price Forecast: Ether Targets New 2018 Low

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failed near key resistances against the US dollar and bitcoin. ETH/USD could decline below $168.00 if it continues to fail near the $182.00 resistance.

Key Highlights

Ether’s price struggled to move above the $180.00 and $182.00 resistances against the US dollar.
ETH/USD remains at a risk of more losses below the $170.00 support level.
ETH/BTC is struggling to move above the 0.0318BTC resistance level.

Technically, the hourly chart indicators are moving lower in the bearish territory.

Ether Price Analysis

Yesterday, there was a minor recovery above the $175.00 level in ETH/USD. However, the pair failed to break the $180.00 and $182.00 resistance levels and later trimmed gains.

ETH/BTC failed to gather pace above the 0.0318BTC and 0.0320BTC resistances levels. As a result, there was a downside reaction toward the 0.0315BTC level, below which the price could test 0.0312BTC.

Ethereum Price Analysis ETH

The 6-hour chart of ETH/USD clearly indicates a major downtrend from the $223.86 high. The pair declined and settled below the $200.00 and $195.00 support levels. Ether traded as low as $168.87 and later started a short-term upside correction.

The price moved above the $175.00 and $180.00 levels, but sellers protected further gains near the $182.00 level. There was no successful close above the 23.6 percent Fibonacci retracement level of the recent drop from the $223.86 swing high to $168.87 low.

Ether started a fresh decline and is currently following a declining channel, with resistance at $177.50. Should Ether buyers fail to push the price above the channel resistance and $180.00, the price could continue to move down toward $168.00 and $165.00 in the near term.

Ether Price Analysis ETH

On the flip side, an upside break above $180.00 may kick-start a decent correction toward $190.00 and $195.00. Dropping down to the 2-hour chart of ETH/USD, the pair seems to be trading in a range above the $168.00 support.

To the topside, there are key resistances near $180.00 and $182.00. Ether’s price may continue to consolidate losses and there could be bearish moves toward $165.00 unless buyers push ETH/USD above $182.00.

Important Resistance Levels

$180.00 and $185.00

Important Support Levels

$172.00 and $168.00

Hourly RSI

The RSI is moving lower toward the 30 level.

Hourly 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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