Prediction of Ethereum prices: the recovery of Ether's remains limited

11 September 2018 15:04

Key points

The price of Ether remained at its close to the resistance from $ 195.00 and $ 200.00 against the US dollar.

ETH / USD is struggling to settle above a bearish trendline key on the 2-hour chart.

ETH / BTC holds 0.0300BTC support, but remains at risk of further losses.

Technically, the 2-hour chart indicators show no signs of recovery in bearish territory.

Analysis of the prices of the ether

Recently, the ETH / USD decreased near the support of $ 185.00 and reached a minimum of $ 186.92. Afterwards, the pair recovered over $ 190.00, but the recoveries were stopped near the resistance of $ 200.00.

Similarly, ETH / BTC failed to cancel the resistance 0.0315BTC and lowered below 0.0310BTC. The pair is currently trading above the 0.0300BTC support and could extend the decline if Ether sellers gain momentum.

Looking at the 2-hour ETH / USD chart, the pair formed a decent bullish candle from falling $ 186.92 and traded higher. More importantly, there was a break above a crucial bearish trendline with resistance at $ 195.00.

However, Ether buyers have failed to get traction and the price has cut off most of its earnings. At present, the price is the repetition of the broken trend line, which serves as support near the $ 188.00 level. Also, there is an uptrend line in connection with support for $ 189.00.

Therefore, the price must contain the support zone of $ 188.00-190.00 to recover in the short term. Turning to the 30-minute chart of Eth / USD, the pair is currently trading within a declining channel with resistance at $ 192.50.

Above the resistance of the channel, the next resistance is close to $ 200.00 and a short-term bear trend line. On the downside, channel support is close to $ 188.00 along with horizontal support.

The current price action and technical structure on the 2-hour chart indicates that Ether's price is struggling to recover above $ 195.00 and $ 200.00. Therefore, a break below the support zone of $ 188.00 could trigger further downturns towards $ 185.00 and $ 180.00.

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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