The price of Ether has moved into a bearish zone compared to the US dollar and bitcoin. ETH / USD remains at risk of further losses below the $ 120.00 level in the short term.
The price of Ether further traded below the $ 125.00 support against the US dollar.
A crucial resistance was formed near $ 130.00 on the 30-minute ETH / USD chart.
ETH / BTC have established themselves below the 0.0350BTC support and could test 0.0332BTC.
Technically, 2-hour charts are currently positioned in the oversold territory.
Price analysis of the ether
Yesterday we witnessed a bearish turnaround in the ETH below the key support of $ 148.00. The pair even traded below support levels $ 130.00 and $ 125.00 to move to a negative zone. More importantly, Ether seems to be struggling to contain the $ 124.00-125.00 support area.
ETH / BTC fell below support levels 0.0362BTC and 0.0350BTC. The pair trades at a bearish angle and may continue to decline towards 0.0332BTC and 0.0325BTC support levels.
Looking at the 2-hour chart of Eth / USD, the pair fell heavily after breaking the $ 148.00 support. Sellers have even managed to push the price below the $ 130.00 support. Subsequently, a consolidation model was formed, resulting in a bearish continuation below the $ 125.00 support.
A new monthly minimum has been formed at $ 123.08 and the price is currently showing some signs of recovery. An initial hurdle for buyers is near a bearish trendline, with a resistance of $ 128.00 on the 30-minute chart.
However, the main resistance is $ 130.00, above which the price can extend gains to the $ 133.00 level and the Fibonacci retracement level of 23.6 percent of the $ 163 decline, 57 up to $ 123.08 at the bottom. A positive closing above $ 133.00 and $ 135.00 can open the doors for a sustained recovery towards the $ 140.00 level.
The downside, if the price of Ether can not overcome the resistances $ 130.00 and $ 133.00, could fall below $ 125.00 and $ 123.00. The next key support is $ 116.00 and $ 112.00, followed by the rotation level of $ 110.00.
Important resistance levels
$ 130.00 and $ 133.00
Important support levels
$ 125.00 and $ 116.00
2 hours RSI
The RSI is currently near the oversold region, with some signs of recovery.
MACD at 2 hours
The MACD is gaining momentum 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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