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The price of Ether is ready to extend the decline compared to the US dollar. The ETH / USD could be traded at a sharp decline if there is a successful break below $ 111.00.
Key points
The price of Ether is following a bearish path under the resistance of $ 120.00 against the US dollar.
Two downward trend lines in place with resistance close to $ 120.00 on the 2-hour chart of the Eth / USD.
ETH / BTC is currently trading in a narrow range above the 0.0280BTC support.
Technically, the 2-hour chart indicators are moving further down the bearish territory.
Price analysis of the ether
After forming a short-term high for $ 126.78, ETH / USD started a bearish move. The pair broke support levels $ 120.00 and $ 115.00 and is now struggling to stay above the support zone $ 111.00-112.00.
ETH / BTC recovered recently and moved above the 0.0280BTC support. However, it appears that the pair is finding it difficult to overcome the resistance of 0.0284BTC and 0.0285BTC, which could cause a downward reaction.
Looking at the 2-hour ETH / USD chart, the pair remains in a steady downtrend from $ 126.78 at the top. The pair settled below the $ 120.00 support and the Fibonacci retracement level of 23.6% of the last recovery from $ 101.69 down to $ 126.78 at the top.
The price is currently trading close to the $ 112.00 support and the Fibonacci 50% retracement level of the last recovery. If there is a 2-hour closing that goes well below $ 111.00-112.00, the price may go down to $ 105.00 or $ 102.00.
At the top, there are two downtrend lines in place with resistance near $ 120.00, above which Ether could return to a positive zone. Coming down to the 30-minute chart of Eth / USD, the pair is forming an expanding range with resistance near $ 114.00 and support for $ 111.00.
If the price of Ether exceeds the resistance of $ 114.00, it may find a solid selling interest near the $ 115.50 level. The current price action is clearly bearish on the 2-hour chart, but there are some positive signs on the 30-minute chart. That said, the price must rebound over $ 115.00 to reduce the chances of a bearish break below $ 111.00.
Important support levels
$ 111.00 and $ 105.00
Important resistance levels
$ 115.00 and $ 120.00
2 hours RSI
The RSI is sliding towards level 30.
MACD at 2 hours
The MACD is positioned well 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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