Ether’s price is preparing for the next crucial move against the US dollar and bitcoin. ETH/USD could either trade above $102.00 or extend declines below $82.00.
Ether’s price is trading in a range below the $102.00 resistance against the US dollar.
Two bearish trendlines formed with resistance at $92.00 and $98.00 on the 2-hour chart of ETH/USD.
ETH/BTC is likely preparing for an upside correction toward the 0.0280BTC resistance.
Technically, the 12-hour chart indicators are slowly correcting higher in the bearish territory.
Ether Price Weekly Analysis
This past week, there was a sharp decline in ETH/USD below the $102.00 support. The pair declined below the $100.00, $90.00, and $85.00 support levels and formed a new multi month low at $82.37.
ETH/BTC also declined sharply below the 0.0285BTC and 0.0280BTC support levels. The pair even broke the 0.0260BTC support and tested 0.0250BTC. Later, the pair started an upside correction above 0.0260BTC, and it could continue to move higher toward 0.0280BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the recent decline below the $150.00, $125.00, and $102.00 support levels. The pair is currently consolidating losses above the $82.37 low, but gains could be contained.
To the topside, an initial resistance is near the $102.00 level (the previous support) and a bearish trendline. The current price action indicates that Ether buyers are likely to struggle near the $100.00 and $102.00 resistance levels.
Should Ether break the bearish trendline on the same chart, the price is likely to trade toward the next major resistance, near the $125.00 level. Moving down to the 2-hour chart of ETH/USD, the pair is currently trading in a range below the $100.00 level.
Additionally, there are two bearish trendlines formed with resistance at $92.00 and $98.00. A successful close above both trendline and the 50 percent Fibonacci retracement level of the recent decline from the $121.00 swing high to $82.37 low is needed for a decent recovery in the near future.
Overall, Ether is reaching a crucial juncture and will either surpass the $102.00 resistance or decline below $82.00 for a downside extension toward $70.00 or $65.00.
Weekly Resistance Levels
$98.00 and $102.00
Weekly Support Levels
$82.00 and $70.00
The RSI is slowly recovering toward the 50 level.
The MACD is slowly reducing its bearish slope.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.