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Ethereum Price Forecast: Ether Unwinds Recent Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.