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The price of Ether is under pressure against the US dollar and bitcoin. ETH / USD is likely to extend losses if it fails to recover above $ 115.00 this week.
Key points
The price of Ether is struggling to recover over $ 112.00 and $ 115.00 against the US dollar.
ETH / USD is following a crucial declining channel with resistance at $ 115.00 on the 6-hour chart.
ETH / BTC have settled below the 0.0280BTC support and may continue to fall.
Technically, the 6-hour chart indicators are slowly moving further down the bearish territory.
Price analysis of the ether
Yesterday we saw a fairly good upward move above the $ 110.00 level in ETH / USD. However, the pair failed to overcome resistance levels of $ 112.50 and $ 113.00, resulting in a new decline.
ETH / BTC is currently traded near the 0.0278BTC support, with a bearish angle. If the interchange of Ethers below the 0.02780BTC level, the price could slide further towards the support level of 0.0275BTC.
Looking at the 6-hour chart of Eth / USD, the pair could not overcome the resistance of $ 120.00 (previous support) and started a slow and steady decline. The current price action indicates that the price could extend losses to the level of $ 102.00 or $ 100.00.
The main bearish indicator is a crucial declining channel, with resistance at $ 115.00 on the same chart. Therefore, as long as the price of Ether is below the resistance levels of $ 115.00 and $ 120.00, there is the risk of a bearish break under the important support of $ 100.00.
Turning to the 2-hour ETH / USD chart, the pair is approaching the next break above $ 110.00 or below $ 105.80. For the top, a successful break above $ 110.00 and a bearish trendline will most likely push the price towards the resistance of $ 115.00 and the Fibonacci retracement level to 50% of the decline from $ 126.78 at the top at $ 105.73 at the bottom.
In contrast, a downside break below the $ 105.73 minimum could accelerate losses towards $ 100.00 or even $ 95.00. The overall technical structure became bearish on the 2 and 6 hour chart, suggesting greater likelihood of further losses of less than $ 105.73.
MACD at 6 hours
The MACD is gaining momentum in the bearish zone.
6 hours RSI
The RSI is slowly slipping towards 25 and is currently under 35.
Important support levels
$ 105.80 and $ 102.00
Important resistance levels
$ 110.00 and $ 115.00
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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