Prediction of Ethereum prices: ether at risk of further declines

7 September 2018 15:14

Key points

Ether has corrected itself higher but has faced a strong resistance near to $ 232.00 compared to the US dollar.

ETH / USD is forming a range with support for $ 210.00 and resistance close to $ 235.00 on the 2-hour chart.

ETH / BTC is consolidating below the resistance level 0.0360BTC.

Technically, the 2-hour chart indicators are accelerating downward in bearish territory.

Analysis of the prices of the ether

C & # 39; was a short-term correction initiated in the ETH / USD from the minimum of $ 211.61. The pair traded above $ 220.00 and $ 230.00 levels, but failed to hold gains above the resistance of $ 232.00 and refused.

Similarly, ETH / BTC corrected some points, but buyers failed to push the price above 0.0350BTC and 0.0360BTC resistance levels. It could continue to operate in a range above 0.0330BTC and prepare for the next move in the next sessions.

Starting with the 2-hour ETH / USD chart, the pair was adjusted from $ 211.61 low and traded above the $ 225.00 level. However, Ether faced strong resistance near the $ 232.00-235.00 zone and the Fibonacci retracement level of 23.6% from $ 302.26 to $ 211.61.

There were two or three attempts from Ether's price to overcome the resistance of $ 232.00-235.00, but failed. An intraday high was formed at $ 234.14 and subsequently the price started a downtrend

The price broke the $ 220.00 level and reached a minimum of $ 213 , 94. It is currently moving higher towards the resistance of $ 225.00 and a bearish trendline on the 30-minute chart. If the ETH / USD were to break the trend line and $ 225.00, it could retest the resistance zone of $ 232.00-235.00.

On the other hand, if the price fails to rise above $ 232.00, it could extend losses below the recent low of $ 213.94. More importantly, there is a risk of an extended slide below the minimum this week for $ 211.61. The next crucial support is $ 200.00, below which buyers will most likely suffer a lot of pressure.

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.

ETHNews is engaged in its editorial policy

Do you like what you read? Follow us on Twitter @ETHNews_ to receive the latest prices from Ether Price, Ether Price and Ethereum Analysis News.