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Ether Price Analysis
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Ethereum Price Forecast: Ether Buyers In Trouble





Ether’s price is showing a few bearish signs against the US dollar and bitcoin. ETH/USD could accelerate losses if there is a close below $123.00 and $120.00.

Key Highlights

Ether’s price struggled to move above the $134.00-135.00 resistance against the US dollar.
A major bearish trendline is in place with resistance at $130.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly moving lower toward the 0.0320BTC support level.

Technically, the 2-hour chart indicators are moving lower in the bearish territory.

Ether Price Analysis

During the past few sessions, ETH/USD started a slow and steady decline from the $161.35 monthly high. The pair declined below the $140.00 and $135.00 support levels.

ETH/BTC made an attempt to clear the 0.0350BTC resistance level. However, buyers failed to gain traction and later started a slow and steady decline toward the 0.0320BTC support.

Ethereum Price Analysis ETH

The 2-hour chart of ETH/USD suggests that the pair made a couple of swing moves from the $125.00-126.00 support area. However, the price struggled to gain bullish momentum and formed highs near $140.00, $135.00, and $130.00.

More importantly, there is a major bearish trendline is in place with resistance at $130.00. To initiate a fresh upward move, the price must break the trendline and $132.00 resistance. The next major resistance is at $135.00, above which the price could enter a short-term uptrend.

On the flip side, there is a major support formed near $124.00 and $120.00. A successful close below the $120.00 support may open the doors for more losses toward the $115.00 and $110.00 levels.

Ether Price Analysis ETH

Moving down to the 30-minute chart of ETH/USD, there is a key bearish trendline formed with resistance at $132.00, and there is an ascending channel with support at $125.00. Therefore, a break below the $125.00 and $124.00 supports will most likely increase selling pressure.

Ether is clearly facing an uphill task near the $130.00 and $132.00 resistances levels. If buyers continue to struggle, there is a significant risk of a downside break below the $120.00 support.

Important Resistance Levels

$132.00 and $135.00

Important Support Levels

$124.00 and $120.00

2-hour RSI

The RSI is moving lower toward the 30 level.

2-hour MACD

The MACD is slowly 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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