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Ethereum Price Forecast: Ether Sellers Remain In Control Below $100

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is consolidating losses with bullish moves against the US dollar and bitcoin. ETH/USD could decline once again once the current correction is complete.

Key Highlights

Ether corrected higher, but it faced sellers near $98.00-100.00 against the US dollar.
A crucial resistance is formed near $100.00-102.00 on the 6-hour chart of ETH/USD.
ETH/BTC is currently consolidating losses above the 0.0250BTC support level.

Technically, the hourly chart indicators are back in the bearish territory.

Ether Price Analysis

After a sharp decline, ETH/USD found support near the $82.00 level. The pair started an upside correction above the $90.00 level, but sellers prevented gains above the $98.00-100.00 resistance zone.

ETH/BTC also started an upside correction after testing the 0.0250BTC support. On the upside, an initial resistance is at 0.0275BTC (the previous support), above which the pair could test the 0.0280BTC resistance.

Ether Price Analysis ETH Ethereum

Looking at the hourly chart of ETH/USD, the pair formed a decent support near the $82.00 level and later started an upside correction. The price climbed above the $90.00 level and the 23.6 percent Fibonacci retracement level of the slide from the $126.00 swing high to $82.37 low.

However, the upward move was capped by the $98.00 level, a connecting bearish trendline, and the 38.2 percent Fibonacci retracement level of the slide. Ether failed to climb above the $98.00-100.00 resistance zone and started a fresh decline.

The price moved down below $95.00 and is currently consolidating near $88.00. An initial support on the downside awaits at $85.00, below which the price is likely to revisit the $82.00 swing low in the near term.

Ethereum Price Analysis ETH

To the topside, the first resistance is near $95.00, above which Ether’s price may retest the $98.00 level. The most important resistance is near $102.00 and a crucial bearish trendline on the 6-hour chart of ETH/USD.

Overall, the current technical formation on the 6-hour chart is super bearish unless Ether buyers gain momentum and push the price back above $100.00 and $102.00. If not, the price could decline to $82.00, $80.00, or even $75.00.

Important Resistance Levels

$95.00 and $98.00

Important Support Levels

$82.00 and $80.00

Hourly RSI

The RSI is slowly declining toward the 30 level.

Hourly MACD

The MACD moved back 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.