Etereum Price Forecast: Ether Turned & Sell; On Rallies

Key points

The price of Ether was not able to break the resistance of $ 128.00 and has drastically reduced compared to the US dollar.

ETH / USD traded below a crucial confident trendline with support for $ 124.00 on the hourly chart.

ETH / BTC failed to break resistance level 0.0340BTC and declined to 0.0330BTC.

Technically, the hourly chart indicators are slowly recovering from the oversold territory.

Price analysis of the ether

After a reasonable upward move above the resistance of $ 125.00, ETH / USD failed to overcome the $ 128.00 hurdle. The pair arrived at $ 128.07 and then started a strong downtrend below $ 125.00 and $ 120.00.

ETH / BTC failed to cancel resistance 0.0340BTC, resulting in a new return to 0.0330BTC. In the event that the Ether interchange below 0.0330BTC, the price could continue to decline towards the 0.0325BTC and 0.0320BTC media.

Starting with the ETH / USD time table, the pair was clearly rejected near the $ 128.00 level. The pair began a steady decline and broke the support of $ 125.00 plus the 50% Fibonacci retracement level of the uptrend from the low of $ 118.82 to $ 128.07.

In addition, sellers pushed the price under a crucial confident trendline with support for $ 124.00 on the same chart. He opened the door to further losses and the price fell sharply below the support of $ 120.00 and the minimum of $ 118.82.

A new intraday minimum was formed at $ 117.24; subsequently, the price started a short-term upward correction. The ether traded above the $ 118.00 level and could test the resistance of $ 120.00 plus the Fibonacci retracement level of 23.6 percent of the recent decline from $ 128.07 up to $ 117. , 24 below.

However, the main resistance is close to the $ 123.00 level, a broken channel and the recent 50% retracement level of Fibonacci. A positive close above the resistance of $ 123.00 could set the pace for an upward move above $ 125.00 and $ 128.00.

On the flip side, if Ether buyers fail to gain momentum above $ 120.00 or $ 123.00, the price will most likely revert to its decline of less than $ 117.00 and $ 115.00 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 professional software engineer and loves blogs.

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