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Ethereum Price Forecast: Ether Buyers In Trouble

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.