Ethereum Price Forecast: Ether Targets Additional Weakness

Ether’s price is poised to extend declines against the US dollar. ETH/USD could trade lower sharply if there is a successful break below $111.00.

Key Highlights

Ether’s price is following a bearish path below the $120.00 resistance against the US dollar.

Two bearish trendlines in place with resistance near $120.00 on the 2-hour chart of ETH/USD.

ETH/BTC is currently trading in a tight range above the 0.0280BTC support.

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

Ether Price Analysis

After forming a short term top at $126.78, ETH/USD started a downward move. The pair broke the $120.00 and $115.00 support levels and now it is struggling to stay above the $111.00-112.00 support zone.

ETH/BTC recovered recently and moved back above the 0.0280BTC support. However, the pair seems to be finding hard to climb above the 0.0284BTC and 0.0285BTC resistance, which may result in a bearish reaction.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair remains in a steady downtrend from the $126.78 high. The pair settled below the $120.00 support and the 23.6 percent Fibonacci retracement level of the last recovery from the $101.69 low to $126.78 high.

The price is currently trading near the $112.00 support and the 50 percent Fibonacci retracement level of the last recovery. If there is a successful 2-hour close below $111.00-112.00, the price may dive toward the $105.00 or $102.00 level.

Ether Price Analysis ETH

To the topside, there are two bearish trendlines in place with resistance near $120.00, above which Ether could move back in a positive zone. Dropping down to the 30-minute chart of ETH/USD, the pair is forming an expanding range with resistance near $114.00 and support at $111.00.

Should Ether’s price move past the $114.00 resistance, it could find a solid selling interest near the $115.50 level. The current price action is clearly bearish on the 2-hour chart, but there are a few positive signs on the 30-minute chart. Having said that, the price must bounce back above $115.00 to reduce chances of a bearish break below $111.00.

Important Support Levels

$111.00 and $105.00

Important Resistance Levels

$115.00 and $120.00

2-hour RSI

The RSI is sliding toward the 30 level.

2-hour MACD

The MACD is placed nicely in the bearish zone.

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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