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Ethereum Price Forecast: Ether Reacts Near Crucial $100 Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price fell sharply against the US dollar and bitcoin. ETH/USD tested the all-important $100.00 support, where it found a strong buying interest.

Key Highlights

Ether’s price tumbled and declined below the $120.00 and $110.00 supports against the US dollar.
A major bearish trendline is formed with resistance at $120.00 on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0280BTC support level and later corrected higher.

Technically, the 12-hour chart indicators are placed heavily in the bearish territory.

Ether Price Analysis

In the last analysis, we discussed that ETH/USD remains a sell after it settled below the $130.00 and $125.00 levels. Later, the pair gained bearish momentum and broke the $120.00 and $110.00 support levels.

ETH/BTC also faced renewed selling pressure and declined toward the 0.0280BTC support level, where buyers emerged. Later, the pair corrected above 0.0282BTC and is currently trading near 0.0285BTC.

Ethereum Price Analysis ETH

The 12-hour chart of ETH/USD suggests that the pair started a strong bearish wave from the $223.86 swing high. It declined more than $100.00 in the past few days and formed many bearish patterns to resume its decline.

Recently, it formed a bearish pattern, with support near $130.00. Ether traded below the $130.00 support and declined heavily below the $120.00 and $110.00 support levels. It traded close to the all-important $100.00 support and formed a new multi-month low at $101.09.

Later, the price bounced back sharply and traded above the $110.00 level. The 2-hour chart of ETH/USD indicates that there was a strong buying interest near $100.00, resulting in an upward move. The price even traded above the $115.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $147.06 high to $101.09 low.

Ether Price Analysis ETH

However, there is a crucial resistance formed near $118.00 and $120.00 (the previous supports). Besides that, there is a major bearish trendline, with resistance at $120.00, on the same chart.

To rebound and start a decent bullish wave, the price must break the $120.00 resistance. The next resistance is near the $125.00 level and the 50 percent Fibonacci retracement level of the recent decline.

Therefore, a convincing 2-hour close above $120.00 and $125.00 could open the doors for a decent recovery in the near term. On the downside, the $100.00 support is very important, below which Ether could tumble toward $80.00.

Weekly Resistance Levels

$120.00 and $125.00

Weekly Support Levels

$100.00 and $80.00

12-hour RSI

The RSI is currently near the 20 level.

12-hour MACD

The MACD is placed heavily 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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