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Ethereum Price Forecast: Ether Remains In Downtrend Below $120

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price recovery is facing many hurdles against the US dollar and bitcoin. ETH/USD could decline once again as long as it is below $120.00.

Key Highlights

Ether’s price recovered and tested the previous support at $120.00 against the US dollar.
A crucial bearish trendline is formed with resistance at $115.00 on the 2-hour chart of ETH/USD.
ETH/BTC is correcting higher toward the 0.0290BTC resistance level.

Technically, the 2-hour chart indicators are declining lower in the bearish territory.

Ether Price Analysis

In the weekly analysis, we saw a sharp rebound in ETH/USD from the $101.09 swing low. The pair jumped above the $105.00, $110.00, and $115.00 levels, but it faced a strong resistance near the $120.00 level.

ETH/BTC also started a decent upside correction and traded above the 0.0285BTC level. However, the pair is now approaching a couple of important hurdles near the 0.0290BTC and 0.0292BTC levels.

Ethereum price analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair dropped heavily toward the $100.00 support and formed a low at $101.09. Later, there was a sharp correction above the $105.00, $110.00, and $115.00 resistance levels. The price also moved above the 23.6 percent Fibonacci retracement level of the recent drop from the $138.78 high to $101.09 low.

However, the price ran into a major resistance near the $120.00 level (the previous support). The 50 percent Fibonacci retracement level of the recent drop also prevented gains above $120.00 and $122.00.

More importantly, there is a crucial bearish trendline formed with resistance at $115.00 on the same chart. Ether clearly failed to surpass the $120.00 resistance and is currently following the same bearish trendline.

Ether Price Analysis Chart

During the recent decline, there was a break below a bullish trendline, with support at $115.00 on the 30-minute chart. Ether’s price tested the $107.00 support and is currently consolidating losses.

To the topside, an immediate resistance is at $114.00, above which Ether must break the $115.00 and $120.00 resistance levels to start a solid rebound in the near term. If not, there is a risk of more losses below $105.00 and $100.00.

Important Resistance Levels

$115.00 and $120.00

Important Support Levels

$105.00 and $100.00

2-hour RSI

The RSI is well below the 35 level.

2-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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