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Ethereum Price Forecast: Ether’s Daily View Stays Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains in a significant downtrend against the US dollar and bitcoin. ETH/USD’s daily chart suggests a major hurdle for buyers near $100.00.

Key Highlights

Ether’s price is struggling to break the $88.00 and $90.00 resistances against the US dollar.
A crucial declining channel formed with resistance at $98.00 on the daily chart of ETH/USD.
ETH/BTC failed to break the 0.0270BTC resistance and retreated from highs.

Technically, the daily chart indicators are currently consolidating in the oversold zone.

Ether Price Analysis

The past few days were mostly neutral since ETH/USD consolidated losses above the $82.00 support. The pair made a couple of attempts to move into a positive zone, but it faced hurdles near $98.00 and $100.00.

ETH/BTC also followed a bearish pattern from well above 0.0300BTC and is currently consolidating above the 0.0260BTC support. Should Ether decline below $80.00 against the US Dollar, it could break the 0.0260BTC and 0.0250BTC supports versus bitcoin.

Ethereum ETH

The daily chart of ETH/USD suggests that the pair is in a significant downtrend from the $230.00 swing high. The pair recently settled below the $100.00 support and traded as low as $82.37. It is currently consolidating losses, plus there is a crucial declining channel formed with resistance at $98.00.

To start a solid upward move, the price must break the channel resistance and $100.00. The next major resistance is near the $125.00 level (the previous support). Conversely, if the price breaks the $82.37 low and the $82.00 support, there could be a downside extension toward $80.00, $76.00, or even $72.00.

Ether Price Analysis ETH

Dropping down to the 2-hour chart of ETH/USD, the pair seems to be struggling near the $88.00 resistance (the recent support). There is also a key bearish trendline in place, with resistance at $90.00 on the same chart.

On the downside, an initial support is at $85.00, below which Ether’s price will most likely test the $82.37 low. The overall price action is super bearish on the daily chart and 2-hour chart, but a break above $98.00 and $100.00 could change things in the near future.

Daily MACD

The MACD is slowly reducing its bearish slope.

Daily RSI

The RSI is currently flat near the 30 level.

Important Support Levels

$85.00 and $82.00

Important Resistance Levels

$88.00 and $90.00

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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