Prediction of Ethereum prices: Ether could extend declines below $ 207

November 13, 2018, 4.30 pm

Key points

The price of Ether failed to break the resistance of $ 213.00 and declined compared to the US dollar.

A significant breakout model is forming with resistance to $ 212.00 and support to $ 207.00 on the 2-hour chart.

ETH / BTC fell below the 0.0330BTC support level to begin a downward correction.

Technically, the 2-hour chart indicators have withdrawn from the middle lines and moved further down the bearish territory.

Price analysis of the ether

Yesterday we discussed the importance of resistance of $ 213.00 for ETH / USD. The pair failed to exceed the $ 212.00 and $ 213.00 resistance levels, resulting in a new decline.

ETH / BTC also failed to maintain gains above the 0.0330BTC support level and started a downward correction. The pair could continue to fall towards the 0.0325BTC key support.

Starting with the 30-minute Ethics / USD table, the pair outperformed $ 213.00 and traded lower. He broke the support of $ 210.00 and negotiated close to the $ 208.00 support. Low was formed at $ 208.14, and later the highest correct price.

However, the upward move was limited by the $ 210.00 level (previous support). More importantly, there is an important channel in decline, with a current resistance of $ 209.80 on the same chart.

The ether buyers must push the price over the resistance of the channel and $ 210.00 to start a decent rebound. Otherwise, there is a risk of further losses below the recent minimum and the support of $ 208.00. The main downside support is at $ 207.00, below which the price will probably revisit the $ 200.00 support.

The 2-hour chart indicates a significant break pattern, with current resistance near a bearish trend line and $ 212.00. Therefore, a break above the trend line is mandatory for a solid rise above the $ 215.00 level.

Conversely, if the price of Ether does not exceed the resistance of $ 212.00 and $ 213.00, there may be a sustained decline below the support of $ 207.00 in the next sessions.

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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