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The price of Ether is in a significant downward trend against the US dollar and bitcoin. ETH / USD stood below $ 100.00 and traded near the key support of $ 80.00.
Key points
Ether extended losses below support levels $ 95.00 and $ 85.00 against the US dollar.
ETH / USD traded below a crucial downtrend support at $ 102.00 on the 12-hour chart.
ETH / BTC decreased further and tested the 0.0250BTC support level.
Technically, the 12-hour chart indicators have reached oversold levels in the bearish territory.
Price analysis of the ether
Yesterday we saw the breakdown under the key $ 102.00 and $ 100.00 in ETH / USD. The pair gained ground and traded below support levels of 95.00 and $ 85.00.
ETH / BTC also extended losses and traded below 0.0260BTC support levels. The pair tested the 0.0250BTC and it seems that the sellers of Ether remain under control below 0.0300BTC compared to bitcoin.
Starting from the 12-hour chart, the recent subdivision under $ 100.00 was crucial. The pair broke an important support for the downward triangle at $ 102.00, opening the door to a nasty fall below $ 100.00.
The pair fell heavily and traded near the $ 80.00 support area. A new monthly minimum has been formed at $ 82.37 and the price is currently consolidating losses. Ether is following a short-term downtrend channel on the 2-hour chart, above which it could test the resistance of $ 90.00.
The first real resistance is close to the $ 95.00 level (recent support). The next key hurdle is close to the $ 105.00 level and an important bearish trend on the 2-hour chart of Eth / USD. If there was a positive closing above $ 100.00 and $ 105.00, Ether could rebound well in the short term.
The downside, a non-correction above the resistance of $ 100.00 and the Fibonacci 50% retracement level of the recent decline from $ 121.40 top to $ 82.37 below may clarify the road to further drops.
The main support is close to $ 80.00, below which the sellers of Ether will probably push the price towards the support zone $ 65.00 or $ 60.00. In the short term, there may be variations in the range above $ 80.00, but there is a high chance of a downside breakdown of $ 65.00.
Important resistance levels
$ 95.00 and $ 100.00
Important support levels
$ 80.00 and $ 65.00
12 hours of CSR
The RSI is currently near level 15.
MACD at 12 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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