28 December 2018 16:15
The price of Ether is back in a bearish zone against the US dollar and bitcoin. The ETH / USD may return to a positive zone if there is a daily close above the resistance of $ 125.00.
The price of Ether failed to maintain the key support of $ 120.00 and was further reduced against the US dollar.
A crucial resistance is formed close to the $ 125.00 level on the 2-hour chart of Eth / USD.
ETH / BTC has tested the 0.0320BTC support level and is currently consolidating losses.
Technically, the 2-hour chart indicators are extending losses in bearish territory.
Price analysis of the ether
The last three days have seen a lot of bearish moves in ETH / USD below the $ 140.00 support. The pair broke the key holders at $ 130.00 and $ 125.00 to enter a bearish zone.
Also ETH / BTC followed a bearish path under the 0.0350BTC support and recently tested the 0.0320BTC support. The pair is currently consolidating losses and may fall further towards the 0.0300BTC support.
Looking at the 2-hour chart of Eth / USD, the pair is following a significant downtrend and broke the $ 125.00 support. There is also a crucial bearish trendline formed with resistance at $ 120.00 on the same chart.
If there was an upside break above the trend line, the price could face strong resistance near the $ 125.00 level (previous support). A successful 2-hour closing above the trendline and resistance of $ 125.00 is required for Ether buyers.
The downside, if the price keeps going down, could soon test the $ 112.00 support. The main support for buyers is close to the $ 106.00 level, which was a significant resistance previously.
Coming down to the 30-minute chart of the Eth / USD, there is a bearish trend line in place with resistance at $ 120.00. Clearly, the $ 120.00 and $ 125.00 resistances are very important for the next move in the short term.
Overall, Ether's price is trading on a downtrend, provided it is less than the $ 125.00 support. On the downside, a break below the $ 115.00 support could open the door to a push towards $ 112.00 and $ 106.00.
Important resistance levels
$ 120.00 and $ 125.00
Important support levels
$ 115.00 and $ 112.00
2 hours RSI
The RSI is currently well below level 35.
MACD at 2 hours
The MACD is heavily positioned 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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