Ether’s price fell heavily this past week against the US dollar and bitcoin. However, ETH/USD is now approaching a significant support near $120.00, where buyers are likely to emerge.
Ether’s price declined recently after it failed to surpass the $160.00-162.00 resistance against the US dollar.
ETH/USD traded below a crucial bullish trendline with support at $150.00 on the 12-hour chart.
ETH/BTC trimmed most its gains and declined below the 0.0400BTC and 0.0350BTC supports.
Technically, the 12-hour charts are currently just below midlines in the bearish territory.
Ether Price Weekly Analysis
ETH/USD made more than two attempts to surpass the $160.00 and $162.00 resistance levels. However, buyers failed to gain momentum, and a high was formed at $163.57. Later, the price declined below $150.00 and $140.00.
ETH/BTC also started a downward move from well above 0.0400BTC and declined below the 0.0380BTC and 0.0350BTC support levels. The pair is currently consolidating and it seems like it could either jump above 0.0360BTC or decline toward 0.0332BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the recent decline from the $163.57 swing high. The chart suggests that there were multiple rejections near the $160.00-162.00 resistance, resulting in a sharp bearish reaction.
Ether declined below the $155.00 support and a crucial bullish trendline, with support at $150.00 on the same chart. There was a sharp drop below the $140.00 support and the 23.6 percent Fibonacci retracement level of the major recovery from the $82.12 low to $163.57 high.
The price is currently trading above the $123.00 support and the 50 percent Fibonacci retracement level of the major recovery. There is also a significant support near the $116.00-120.00 zone, below which sellers will most likely push the price toward $100.00.
Dropping down to the 2-hour chart of ETH/USD, the pair is following a declining channel, with resistance at $126.00. Should Ether trade above the channel resistance and $130.00, the price could recover and bounce back toward $140.00 or $145.00 in the coming days.
On the flip side, a downside break below the $123.00, $120.00, and $116.00 supports could trigger additional losses in Ether toward the $100.00 or $95.00 support.
Weekly Resistance Levels
$130.00 and $140.00
Weekly Support Levels
$123.00 and $116.00
The RSI is currently flat near the 40 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.
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