Prediction of Ethereum prices: Ether could test $ 150

12 September 2018 15:14

Key Points

Ether's price has plummeted to a new annual low of $ 167.73 against the US dollar.

ETH / USD is following a declining channel with resistance at $ 175.00 on the 30-minute chart.

ETH / BTC broke the 0.0300BTC support and tested the 0.0275BTC area.

Technically, the 2-hour chart indicators are reaching extreme oversold levels in bearish territory.

Ether Price Analysis

Yesterday we discussed that a break of less than $ 188.00 in ETH / USD could trigger further reductions towards $ 185.00 and $ 180.00. The pair moved down, broke the $ 188.00 and $ 180.00 support, and traded at a new annual low of $ 167.73.

ETH / BTC also faced strong selling pressures, with a consequent downside break under the important 0.0310BTC support. The pair traded towards the 0.0270BTC level and it seems that it can continue moving south towards 0.0260BTC.

Looking at the 2-hour chart of ETH / USD, the pair broke the support of $ 185.00, repeated the same support and finally extended the losses to the below the $ 180.00 level. The last three candles indicate that sellers retain control and Ether could decline further towards $ 160.00 and $ 150.00.

Should there be an upward correction, support prior to $ 185.00 will likely serve as a resistance for buyers. There is also a bearish trend link line on the same chart with resistance at $ 184.00.

In the short run, the 30-minute chart suggests that ETH / USD is currently consolidating losses above $ 167.00 level . At the top, there is a key resistance that is forming near $ 174.0. More importantly, the price could face a major obstacle near a declining channel with resistance at $ 175.00.

Ether could initiate a corrective upward movement with an acceleration of $ 175.00, the immediate resistance, which can extend up to $ 185.00, where probable sales interests reappear. On the downside, a break below the $ 167.73 minimum could set the pace for further losses towards the next key supports at $ 160.00 and $ 150.00.

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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