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The price of Ether fell heavily last week against the US dollar and bitcoin. However, ETH / USD is approaching significant support close to $ 120.00, where buyers are likely to emerge.
Key points
The price of Ether has declined recently after it failed to overcome the resistance of $ 160.00-162.00 against the US dollar.
ETH / USD was trading below an uptrend line with support for $ 150.00 on the 12-hour chart.
ETH / BTC cut most of its earnings and declined under the 0.0400BTC and 0.0350BTC supports.
Technically, the 12-hour charts are currently just below the median line in the bearish territory.
Weekly analysis of the price of the ether
ETH / USD has made more than two attempts to overcome resistance levels $ 160.00 and $ 162.00. However, buyers failed to gain momentum, and a maximum was formed at $ 163.57. Subsequently, the price fell below $ 150.00 and $ 140.00.
ETH / BTC also began a downward shift of much higher than 0.0400BTC and fell below support levels of 0.0380BTC and 0.0350BTC. The pair is currently consolidated and looks like it could jump above 0.0360BTC or go down to 0.0332BTC.
Let's start with the 12-hour ETH / USD chart to understand the recent decline from the low of $ 163.57. The chart suggests that there were several rejections near the resistance of $ 160.00-162.00, resulting in a sharp downward reaction.
Ether dropped below the $ 155.00 support and a crucial uptrend line, with support for $ 150.00 on the same chart. There was a sharp decline below the support of $ 140.00 and the Fibonacci retracement level of 23.6% of the highest recovery from the low of $ 82.12 to a maximum of $ 163.57.
The price is currently traded above the $ 123.00 support and the Fibonacci 50% retracement level of the main recovery. There is also a significant support near the $ 116.00-120.00 area, below which sellers will likely push the price towards $ 100.00.
Coming down to the 2-hour chart of Eth / USD, the pair is following a declining channel, with resistance at $ 126.00. If the Ether trade exceeds the resistance of the channel and $ 130.00, the price could recover and rebound towards $ 140.00 or $ 145.00 in the coming days.
On the flip side, a bearish break below $ 123.00, $ 120.00 and $ 116.00 media could trigger further losses in Ether towards the $ 100.00 or $ 95.00 support.
Weekly resistance levels
$ 130.00 and $ 140.00
Weekly support levels
$ 123.00 and $ 116.00
12 hours of CSR
The RSI is currently flat near level 40.
MACD at 12 hours
The MACD is slowly reducing its downward slope.
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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