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Ethereum Price Forecast: Ether Facing Uphill Task Near $145

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price failed to recover above key resistances against the US dollar and bitcoin. ETH/USD could decline once again as long as it is below $140.00 and $145.00.

Key Highlights

Ether’s price failed to break the key $145.00 resistance and declined against the US dollar.
A crucial bearish trendline is formed with resistance at $182.06 on the 2-hour chart of ETH/USD.
ETH/BTC settled below the 0.0300BTC support level and it could slide further.

Technically, the 2-hour chart indicators are struggling to move higher in the bearish territory.

Ether Price Analysis

Yesterday, ETH/USD started a decent rebound after testing the $125.00 support. The pair corrected above the $140.00 level, but it faced a strong resistance near the $145.00 zone and later trimmed most gains.

ETH/BTC settled below the 0.0300BTC support level, with a bearish angle. If the pair fails to trade above 0.0300BTC and 0.0305BTC, it could decline further toward the 0.0285BTC support.

Ethereum Price ETH Chart

Looking at the 2-hour chart of ETH/USD, the pair recovered sharply from the $125.16 swing low. It climbed above the $135.00 and $140.00 levels, but it faced the key resistance near $145.00 and the 61.8 percent Fibonacci retracement level of the drop from $159.31 to $125.16.

More importantly, Ether was rejected near a crucial bearish trendline, with current resistance at $182.06 on the same chart. The price declined and retested the $125.00 support level. A new 2018 low was formed at $124.96 and the price is currently consolidating above $130.00.

Ether Price Analysis ETH

Ether traded above the $135.00 level recently and the 50 percent Fibonacci retracement level of the recent decline from the $147.63 high to $124.96 low. However, the $140.00 level and a bearish trendline on the 30-minute chart acted as a resistance.

The price is currently under pressure below $140.00 and it could slide toward $130.00, below which the next major support awaits at $125.00. Conversely, to start a solid upward move, ETH/USD must break the $140.00 and $145.00 resistance levels in the coming sessions. 

Important Resistance Levels

$140.00 and $145.00

Important Support Levels

$130.00 and $125.00

2-hour RSI

The RSI is still below the 40 level.

2-hour MACD

The MACD is struggling to move back in the bullish 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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