Etereum Price Forecast: Ether Targets New 2018 Low

November 17, 2018 14:51

Key points

The price of Ether has struggled to overcome resistance from $ 180.00 and $ 182.00 against the US dollar.

ETH / USD remains at risk of further losses below the support level of $ 170.00.

ETH / BTC is struggling to go beyond the 0.0318BTC resistance level.

Technically, the hourly chart indicators are moving further down the bearish territory.

Price analysis of the ether

Yesterday, there was a slight recovery above the $ 175.00 level in ETH / USD. However, the pair failed to break the $ 180.00 and $ 182.00 resistance levels and subsequent gains cut.

ETH / BTC failed to reach the pass above the resistivity levels 0.0318BTC and 0.0320BTC. As a result, there was a downward reaction towards the 0.0315BTC level, below which the price could test 0.0312BTC.

The 6-hour chart of the Eth / USD clearly indicates a downtrend greater than the maximum of $ 223.86. The couple refused and settled under $ 200.00 and $ 195.00 support levels. The ether traded at a low of $ 168.87 and subsequently started a short-term upward correction.

The price has moved above the $ 175.00 and $ 180.00 levels, but the sellers have secured further gains close to the $ 182.00 level. There was a successful closing above the Fibonacci retracement level of 23.6% from the recent decline from the low of $ 223.86 to a minimum of $ 168.87.

Ether started a new decline and is currently following a declining channel, with resistance at $ 177.50. If Ether buyers fail to push the price above the resistance of the channel and $ 180.00, the price may continue to fall towards $ 168.00 and $ 165.00 in the short term.

On the downside, a bullish break above $ 180.00 can trigger a decent correction towards $ 190.00 and $ 195.00. Coming down to the 2-hour chart of Eth / USD, the pair appears to be trading in a range above the $ 168.00 support.

For the top, there are key resistances close to $ 180.00 and $ 182.00. The price of Ether could continue to consolidate losses and there may be downward swings to $ 165.00 unless buyers push ETH / USD above $ 182.00.

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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