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Ethereum Price Forecast: Ether Targets Fresh Lows

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is under heavy selling pressure against the US dollar and bitcoin. ETH/USD remains at risk of more losses below the $120.00 and $118.00 support levels.

Key Highlights

Ether’s price failed to stay above $125.00 and declined to a new low against the US dollar.
A major bearish trendline in place with resistance at $126.00 on the 30-minute chart of ETH/USD.
ETH/BTC declined further and traded below the 0.0290BTC and 0.0285BTC support levels.

Technically, the 2-hour chart indicators are accelerating declines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that ETH/USD could decline further below $125.00 and $124.00. The pair did move down, broke the $124.00 support, and traded to a new low below the $120.00 support.

ETH/BTC also fell sharply and traded below the 0.0290BTC support area. The decline was such that the price even declined below the 0.0285BTC support. The next support is near the 0.0280BTC level, which is a strong barrier for sellers.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair is following a significant bearish structure below the $140.00 support area. The pair declined below the last swing low of $124.00 and traded to a new 2018 low at $118.99.

The price faced increased selling pressure below $125.00, and the previous supports near $123.00 and $125.00 are currently acting as solid hurdles for buyers. There is also a major bearish trendline on the same chart, with resistance at $125.00.

Should there be an upside break above the $125.00 resistance, there could be more gains in the near term. The next resistance is near the $130.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $182.85 swing high to $118.99 low.

Ether Price Analysis ETH

Moving down to the 30-minute chart of ETH/USD, the pair is following a bearish trendline with resistance at $125.00 and $126.00. On the downside, an initial support is at $120.00, below which the price may slide below the $118.99 low.

Overall, Ether’s price is at risk of more losses below the $120.00 support unless buyers push the price above the $125.00 and $130.00 resistances. 

2-hour MACD

The MACD is gaining momentum in the bearish zone.

2-hour RSI

The RSI is accelerating toward the 20 level.

Important Support Levels

$120.00 and $115.00

Important Resistance Levels

$125.00 and $130.00

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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