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Ethereum Price Forecast: Ether Resumes Slide, Could Break $100

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a bearish zone against the US dollar and bitcoin. ETH/USD could slide below $105.00 and $100.00 in the near term.

Key Highlights

Ether’s price started a fresh decline and moved below $110.00 against the US dollar.
ETH/USD is following a major declining channel, with resistance at $112.00 on the 6-hour chart.
ETH/BTC declined and traded toward the 0.0280BTC support area.

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

Ether Price Analysis

The past few sessions were very bearish for ETH/USD as the pair failed to break the $115.00 and $120.00 resistance levels. The pair declined and settled below the $110.00 support area.

ETH/USD also started a fresh decline below the 0.0285BTC support. The pair traded toward the 0.0280BTC support and is currently at a risk of more losses.

Ethereum Price Analysis Chart

Looking at the 6-hour chart of ETH/USD, the pair is clearly in a significant downtrend from the $140.00 swing high. The pair declined heavily and settled below the $130.00, $120.00, and $110.00 support levels.

More importantly, the price is following a major declining channel, with resistance at $112.00 on the same chart. On the downside, an initial support is near $101.00 followed by $100.00, below which Ether could tumble toward the $92.00 level.

To rebound with a bullish angle, the price must break the $112.00, $115.00, and $120.00 resistance levels. Dropping down to the 2-hour chart of ETH/USD, the pair recently failed to break the $120.00 resistance (the previous support).

Ether Price Analysis Chart ETH

It cleared the path for a fresh decline, and the price traded below $110.00 and $108.00. At the outset, the price is trading above the $101.00-102.00 support area, below which there is a risk of a sharp decline.

Overall, Ether’s price is under a lot of bearish pressure below the $110.00 and $120.00 resistance levels. Should buyers fail to push the price above $120.00 soon, sellers are likely to push the price below $100.00 in the coming sessions.

Important Resistance Levels

$112.00 and $115.00

Important Support Levels

$102.00 and $100.00

6-hour RSI

The RSI is well below the 30 level.

6-hour MACD

The MACD is gaining momentum 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.