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Ether Price Analysis
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Ethereum Price Forecast: Ether Unwinds Recent Gains





Ether’s price is under pressure below $120.00 against the US dollar. ETH/USD is likely to decline toward the $110.00 or $108.00 support area.

Key Highlights

Ether’s price failed to hold the $115.00 support and declined against the US dollar.
ETH/USD is following a declining channel with resistance at $117.00 on the 2-hour chart of ETH/USD.
ETH/BTC recovered and moved back above the 0.0280BTC support.

Technically, the 2-hour chart indicators moved down sharply in the bearish territory.

Ether Price Analysis

Yesterday, we discussed a major support near the $116.00 and $115.00 levels for ETH/USD. The pair moved down recently and buyers failed to protect the key support at $115.00.

On the other hand, ETH/BTC found support near the 0.0278BTC level and later corrected higher. The pair moved higher and surpassed the 0.0280BTC and 0.0281BTC resistance levels.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair failed to settle above the $125.00-126.00 resistance area and later started a downward move. The pair moved down and traded below the $120.00 and $115.00 support levels.

The price also traded below the 38.2 percent Fibonacci retracement level of the upward move from the $101.09 low to $126.78 high. Sellers took control and pushed Ether toward the $112.00 support and the 50 percent Fibonacci retracement level of the upward move.

An intra-day low was formed at $112.05, and the price is currently following a declining channel, with resistance at $117.00 on the same chart. Moving down to the 30-minute chart of ETH/USD, the pair is currently consolidating losses above the $112.00 support.

Ether Price Analysis ETH

To the upside, there is a key barrier for buyers near the $115.00 level, above which the price could test a connecting bearish trendline, with resistance at $117.00.

Should Ether stay above the $115.00 and $117.00 resistance levels, the price may move back in a positive zone. If not, ETH/USD will most likely move down below the $112.00 support and test the next key support at $110.00 or $108.00.

Important Resistance Levels

$115.00 and $117.00

Important Support Levels

$112.00 and $110.00

2-hour RSI

The RSI moved down sharply toward the 30 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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