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27 December 2018 16:12
The price of Ether is showing some bearish signals against the US dollar and bitcoin. ETH / USD could accelerate losses if there is a close below $ 123.00 and $ 120.00.
Key points
The price of Ether has struggled to overcome the resistance of $ 134.00-135.00 against the US dollar.
A bearish trend line is in place with resistance to $ 130.00 on the 2-hour chart of Eth / USD.
ETH / BTC is slowly moving towards the 0.0320BTC support level.
Technically, the 2-hour chart indicators are moving further down the bearish territory.
Price analysis of the ether
During the last sessions, ETH / USD started a slow and steady decline from the monthly peak of $ 161.35. The pair fell below $ 140.00 and $ 135.00 support levels.
ETH / BTC attempted to cancel the resistance level 0.0350BTC. However, buyers failed to get traction and subsequently started a slow and steady decline towards the 0.0320BTC support.
The 2-hour ETH / USD chart suggests that the pair made a couple of swing movements from the support area of $ 125.00-126.00. However, the price struggled to gain bullish momentum and reached peaks close to $ 140.00, $ 135.00 and $ 130.00.
More importantly, there is a bearish trend line with resistance to $ 130.00. To start a new upward move, the price must break the trend line and the resistance of $ 132.00. The next major resistance is $ 135.00, beyond which the price could enter a short-term uptrend.
On the flipside, there is an important support formed near $ 124.00 and $ 120.00. A successful closing below the $ 120.00 support could open the door for further losses to the levels of $ 115.00 and $ 110.00.
Turning to the 30-minute ETH / USD chart, there is a key bearish trend line formed with resistance at $ 132.00, and there is a rising channel with support for $ 125.00. Therefore, a break below $ 125.00 and $ 124.00 will most likely increase sales pressure.
Ether is clearly facing an uphill task near resistance levels $ 130.00 and $ 132.00. If buyers continue to struggle, there is a significant risk of a bearish break under the support of $ 120.00.
Important resistance levels
$ 132.00 and $ 135.00
Important support levels
$ 124.00 and $ 120.00
2 hours RSI
The RSI is moving lower towards level 30.
MACD at 2 hours
The MACD is slowly gaining ground 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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