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Ethereum Price Forecast: Ether Remains A Sell

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains in a strong downtrend against the US dollar and bitcoin. ETH/USD could correct higher, but it is likely to struggle near $127.00 and $130.00.

Key Highlights

Ether’s price found support near $120.00 and started a short-term rebound against the US dollar.
ETH/USD broke a connecting bearish trendline with resistance at $123.00 on the hourly chart of ETH/USD.
ETH/BTC extended losses and traded below the 0.0285BTC support level.

Technically, the hourly chart indicators are slowly recovering in the bearish territory.

Ether Price Analysis

Recently, there was another test of the $120.00 support in ETH/USD. Buyers defended further losses and the pair started a short-term correction above the $121.00 and $122.00 levels.

ETH/BTC is currently under a lot of pressure below the 0.0300BTC support. The pair recently broke the 0.0285BTC support and traded toward the 0.0280BTC level. On the upside, resistances are at 0.0288BTC and 0.0292BTC.

Ether Price Analysis ETH

Starting with the hourly chart of ETH/USD, the pair likely formed a double-bottom pattern near the $120.00 level. Ether started a short-term correction and traded above the $122.00 level and a bearish trendline, with resistance at $123.00.

The recent recovery was positive, as there was a break above the 23.6 percent Fibonacci retracement level of the last slide from the $139.00 swing high to $118.99 low. However, the upward move was capped by the $127.00 resistance area.

There was no test of the $130.00 resistance and the 50 percent Fibonacci retracement level of the last slide. A proper close above the $127.00 and $130.00 resistance levels is needed for Ether buyers to take control in the near term.

Ethereum Price Analysis ETH

On the downside, an initial support is near the $122.00 level and a bullish trendline. Should Ether’s price decline below the $122.00 support, the price could decline toward the main support near $120.00.

Moving up to the 6-hour chart of ETH/USD, the pair seems to be following a declining channel with resistance at $128.00 and support near $118.00. In the short term, the price may correct higher toward $127.00 and $130.00, but a bullish break toward $140.00 is very unlikely. 

Important Resistance Levels

$127.00 and $130.00

Important Support Levels

$120.00 and $115.00

Hour RSI

The RSI is still well below the 50 level.

Hour MACD

The MACD is showing negative signs 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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