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Ethereum Price Forecast: Ether Could Resume Decline

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is struggling to clear important resistances against the US dollar and bitcoin. ETH/USD could decline once again if there is no break above $140.00.

Key Highlights

Ether’s price is struggling to break the key $140.00 resistance against the US dollar.
ETH/USD traded above a bearish trendline with resistance at $137.00 on the 2-hour chart.
ETH/BTC extended losses below the 0.0300BTC support and traded toward 0.0290BTC.

Technically, the 6-hour chart indicators are declining in the bearish territory.

Ether Price Analysis

Recently, there was a minor upside correction in ETH/USD above the $133.00 and $135.00 levels. However, the pair struggled to clear a major resistance area near $140.00 and is currently trading lower.

ETH/BTC also faced a solid resistance near the 0.0300BTC level. The pair extended declines toward 0.0290BTC, and it seems like it could continue to move down toward the 0.0285BTC support.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair clearly declined heavily after there was a break and close below the $175.00 support area. A new 2018 low was formed at $124.96; the price later started an upside correction.

The price moved above the $130.00 and $135.00 levels to start a short-term rebound. Buyers pushed the price above the 23.6 percent Fibonacci retracement level of the slide from the $182.85 swing high to $124.96 low.

Additionally, there was a break above a connecting bearish trendline on the 2-hour chart of ETH/USD at $137.00. However, the price failed to clear the $140.00 resistance area, which acted as a solid barrier for buyers.

Ether Price Analysis ETH

A successful close above the $140.00 resistance is needed for further gains in the near term. The next major resistance is near the $150.00 level and the 50 percent Fibonacci retracement level of the same decline from $182.85.

The current structure on the 2-hour chart suggests that Ether’s price is consolidating in a range below the $140.00 resistance, with a bearish angle. Therefore, if sellers gain control below $130.00, there is a high chance of more declines below $125.00 in the coming sessions. 

Important Resistance Levels

$140.00 and $145.00

Important Support Levels

$130.00 and $125.00

6-hour RSI

The RSI is currently near the 25 level.

6-hour MACD

The MACD is gaining pace 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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