Prediction of Ethereum prices: Ether Rally relaxes, key support nearby

Key points

The price of Ether has declined recently and has broken the $ 158.00 and $ 156.00 against the US dollar.

Significant support was formed close to $ 150.00 and two uptrend lines on the 2-hour chart of Eth / USD.

ETH / BTC corrected below and 0.0380BTC key support tested.

Technically, the 2-hour chart is currently close to the midline lines in the bullish territory.

Price analysis of the ether

The ETH / USD made another attempt to overcome the resistance zone of $ 160.00-162.00, but it did not work. Subsequently, the pair started a downward correction and traded below support levels of $ 158.00 and $ 156.00.

ETH / BTC also initiated a short-term correction under the 0.0400BTC support. The pair broke the 0.0392BTC support and tested the 0.0380BTC key support, below which Ether could decline towards 0.0365BTC.

Looking at the 2-hour ETH / USD chart, there were two rejections noted above the $ 160.00 barrier. Buyers struggled to gain momentum above $ 160.00, resulting in a bearish reaction. The price fell below the $ 156.00 support and traded close to the $ 150.00 support.

On the downside, there is significant support formed near $ 150.00 and two uptrend lines. If Ether interrupted support for $ 148.00-150.00, the price could extend the current decline to the next major support at $ 140.00.

Turning to the 30-minute ETH / USD chart, the pair traded at $ 151.50 and is currently consolidating losses. An initial resistance is close to the $ 154.00 level and the Fibonacci retracement level of 23.6% from the recent decline from $ 162.76 upwards to $ 151.50 below.

However, the main obstacle for buyers is close to the $ 156.00 level (the previous support) and a bearish trend line on the same chart, followed by the recent 50% retracement level of Fibonacci.

Therefore, to start a new upward move, the price must clear resistance levels of $ 156.00 and $ 157.00. Otherwise, there is a risk of a downward push below $ 150.00 in ETH / USD in the short term.

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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