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Ethereum Price Forecast: Ether’s Bearish Continuation Likely

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a significant downtrend against the US dollar and bitcoin. ETH/USD is facing major resistances near $180.00 and $195.00.

Key Highlights

Ether’s price remains in a downtrend below the $190.00 and $195.00 resistances against the US dollar.
ETH/USD is forming a bearish continuation pattern with resistance at $178.00 on the 12-hour chart.
ETH/BTC is currently consolidating above the 0.0312BTC support level.

Technically, the 12-hour chart indicators are currently consolidating in the oversold area.

Ether Price Weekly Analysis

During the past four days, there were heavy bearish moves below the $200.00 and $190.00 support levels in ETH/USD. The pair traded as low as $168.87 and is currently consolidating losses.

ETH/BTC started a downward move and settled below the 0.0320BTC support. The pair is currently consolidating above the 0.0312BTC support, and it could extend bearish moves below the 0.0310BTC level.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD to understand the recent decline from the $223.86 high. The pair declined more than 20 percent and settled below the $200.00 and $190.00 support levels.

The price traded close to the last 2018 low and formed a low at $168.87. Later, the price started a short-term consolidation pattern above the $170.00 level, and it is facing a solid resistance near the $178.00 and $180.00 levels.

More importantly, there is a bearish continuation pattern with resistance at $178.00 on the same chart. Ether’s price is likely to struggle near the $180.00 resistance and the 23.6 percent Fibonacci retracement level of the last major downward move from the $223.86 swing high to $168.87 low.

Ether Price Analysis Chart

Should there be a bullish break above $180.00 and $182.00, the price could correct higher toward the $190.00 and $195.00 resistance levels. There is also a bearish trendline formed, with resistance at $195.00 on the 2-hour chart of ETH/USD.

On the flip side, with a downside break below the $172.00 and $170.00 supports, there might be heavy losses in Ether’s price below the $165.00 support. The next key supports on the downside are $160.00 and $150.00. The overall price action is bearish unless there is a daily close above $195.00. 

Weekly Resistance Levels

$180.00 and $190.00

Weekly Support Levels

$172.00 and $165.00

12-hour RSI

The RSI is currently flat near the 30 level.

12-hour MACD

The MACD is slowly reducing its bearish slope.

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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