Ethereum Price Forecast: Ether Could React To The Downside

Key Highlights

$ 155.00 against the US dollar.

ETH / USD is approaching a crucial support near $ 148.00 on the 2-hour chart.

ETH / BTC is likely to continue lower towards the 0.0365BTC support.

Technically, the 2-hour chart is moving into the bearish territory.

Ether Price Analysis

ETH / USD made another attempt to surpass the $ 160.00 resistance. However, the pair failed to test $ 160.00 and retreated after forming an intraday high at $ 157.02. The $ 148.00 support could hold losses, but a failure will probably be initiate a fresh bearish wave.

ETH / BTC also started a downside correction and traded below the 0.0380BTC support. The pair is currently under pressure and the 0.0270BTC and 0.0265BTC supports.

Looking at the 2-hour chart of ETH / USD, the pair spiked above the $ 155.00 level, but there was no clear close. Ether declined below the $ 155.00 level, resulting in a bearish structure. On the upside, there is a strength resistance near $ 155.00 and a connecting bearish trendline.

To recover in the near term, the price must set above the $ 155.00 barrier. On the flip side, if sellers remain in action, the price is likely to revisit the main support at $ 148.00.

The 30-minute chart of ETH / USD suggests a bearish structure below $ 155.00 and $ 154.00. The price recently broke the $ 154.00 support and the 50th percent Fibonacci retracement level of the upward move from the $ 148.77 low to $ 157.02 high.

To $ 150.00 and $ 149.00 supports, below which it could find a strong buying interest near $ 148.00. Should sellers succeed in clearing $ 148.00, the price might head toward $ 140.00.

Overall, ETH / USD offers a neutral-to-bearish short-term stance in its 2-hour chart, as sellers keep defending the upside towards $ 160.00. The pair could gain a further downward traction on a break below $ 148.00, with the following relevant support being $ 140.00.

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and information analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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