Prediction of Ethereum prices: The reversals in Ether remain limited

Key points

The price of Ether failed to exceed the resistance levels of $ 118.00 and $ 120.00 compared to the US dollar.

ETH / USD traded below an uptrend line in connection with support for $ 117.50 on the 30-minute chart.

ETH / BTC broke the key support at 0.0330BTC and could flow towards 0.0325BTC.

Technically, the 30-minute chart indicators are moving further down the bearish territory.

Price analysis of the ether

Recently, we saw a sharp decline in ETH / USD from the $ 128.00 rise. The pair has fallen below the $ 125.00 and $ 120.00 support to move into a bearish zone. Subsequently, there was a 'bearish extension' and the price was traded below the support level of $ 118.00.

ETH / BTC traded below the key support at 0.0330BTC, opening the door for further losses. The next major support is at 0.0325BTC, below which the pair could continue to fall towards the 0.0320BTC support.

Looking at the 30-minute ETH / USD chart, the pair failed to stay above the $ 118.00 support and refused further. He broke the support of $ 116.00 and traded at a new weekly low at $ 114.54. Later, Ether started a bullish correction above $ 115.00 and $ 116.00 levels.

The price has moved above the Fibonacci retracement level of 23.6% from the recent decline from $ 124.91 up to $ 114.54 below. However, the recovery was limited by previous media at $ 118.00 and $ 119.00.

Furthermore, the price failed to test the $ 120.00 barrier and Fibonacci's 50% retracement level of the recent decline. Recently, Ether reached the $ 119.00 level and traded below a bullish trend line, with support for $ 117.50 on the same chart.

The current price action is downward in both the 30-minute and 15-minute charts, suggesting more losses below support levels of $ 116.00 and $ 115.00. To begin a decent recovery, Ether must overcome resistance levels of $ 119.00 and $ 120.00. The next key resistance is $ 122.50, beyond which the price could test the levels of $ 125.00 and $ 128.00.

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 professional software engineer and loves blogs.

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