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The price of Ether has fallen heavily under key supports against the US dollar and bitcoin. The ETH / USD may correct some points, but there is the risk of further short-term losses.
Key points
The price of Ether has reacted to the downside and has fallen below the support of $ 148.00 compared to the US dollar.
ETH / USD broke a bullish trend line with support for $ 152.00 on the 6-hour chart.
ETH / BTC decreased sharply and broke the 0.0365BTC and 0.0355BTC media.
Technically, the 6-hour chart is gaining momentum in bearish territory.
Price analysis of the ether
Yesterday we discussed the fact that ETH could react on the downside if there is a clear break below $ 150.00 and $ 148.00. The pair dropped sharply below $ 148.00 and even traded below the support level of $ 140.00.
ETH / BTC followed a similar structure and traded below support levels of 0.0365BTC and 0.0355BTC. The pair is currently trading below 0.0350BTC and may perhaps fall further towards 0.0332BTC.
Starting with the 6-hour chart of Eth / USD, the pair clearly struggled to overcome the resistance of $ 160.00-162.00. Later, there was a contracting triangle formed above the $ 150.00 support. The buyers failed to protect the losses and the price fell below $ 150.00 and a bullish trend line, with support for $ 152.00.
After the bearish pause, Ether's price fell heavily below $ 148.00, $ 145.00 and $ 140.00. He tested the support zone $ 130.00-132.00 in which the buyers emerged. However, the current price action is pointing to further decreases below $ 130.00. The next major support is $ 125.00, followed by $ 120.00.
Turning to the 2-hour chart of Eth / USD, the pair fell heavily below $ 148.00 and traded at $ 130.85. In the short term, there may be an upward correction for the $ 135.00 level, above which the price could test the Fibonacci retracement level of 23.6% of the recent recent decline from $ 163, 57 up to $ 130.85 down near $ 138.00.
To sum up, Ether has become short-term bearish below $ 148.00 and may continue to decline. The main support is $ 125.00, below which the ETH / USD will most likely try to recover in the coming days.
Important resistance levels
$ 135.00 and $ 138.00
Important support levels
$ 130.00 and $ 125.00
6 hours RSI
The RSI is moving further down to level 20.
MACD at 6 hours
The MACD is heavily placed in the bearish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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