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27 November 2018 16:21
The price of Ether is back in a bearish zone against the US dollar and bitcoin. The ETH / USD could fall below $ 105.00 and $ 100.00 in the short term.
Key points
The price of Ether started a new decline and moved below $ 110.00 against the US dollar.
ETH / USD is following an important declining channel, with a resistance of $ 112.00 on the 6-hour chart.
ETH / BTC declined and traded towards the 0.0280BTC support area.
Technically, 6-hour graphical indicators are accelerating losses in bearish territory.
Price analysis of the ether
The last sessions were very bearish for the ETH / USD as the pair failed to overcome resistance levels of $ 115.00 and $ 120.00. The couple refused and settled below the $ 110.00 support area.
ETH / USD also started a new fall below the 0.0285BTC support. The pair traded towards 0.0280BTC support and is currently exposed to the risk of further losses.
Looking at the 6-hour ETH / USD chart, the pair is clearly in a significant downtrend from a maximum of $ 140.00. The pair has declined heavily and has settled below $ 130.00, $ 120.00 and $ 110.00 support levels.
More importantly, the price is following a declining channel, with a resistance of $ 112.00 on the same chart. On the downside, initial support is close to $ 101.00 followed by $ 100.00, below which Ether may fall to the $ 92.00 level.
To bounce with a bullish angle, the price must break resistance levels of $ 112.00, $ 115.00 and $ 120.00. Coming down to the 2-hour chart of Eth / USD, the pair has recently failed to overcome the resistance of $ 120.00 (previous support).
He eliminated the path for a new decline and the price was traded below $ 110.00 and $ 108.00. At the outset, the price is trading above the support area of $ 101.00-102.00, below which there is a risk of a sharp decline.
Overall, Ether's price is under a very bearish pressure below the resistance levels of $ 110.00 and $ 120.00. If buyers fail to push the price above $ 120.00 as soon as possible, sellers are likely to push the price below $ 100.00 in the next few sessions.
Important resistance levels
$ 112.00 and $ 115.00
Important support levels
$ 102.00 and $ 100.00
6 hours RSI
The RSI is well below the 30 level.
MACD at 6 hours
The MACD is gaining momentum 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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