Ethereum Price Forecast: Ether Closing In Toward Crucial Support

February 26, 2019 4:32 PM

Ether’s price is under pressure and could decline further against the US dollar and bitcoin. However, ETH/USD seems to be approaching a few important supports at $132.00 and $125.00.

Key Highlights

Ether’s price failed to break the $142.00 resistance and declined against the US dollar.

A crucial bullish trendline is in place with support at $132.00 on the 6-hour chart of ETH/USD.

ETH/BTC dipped below the 0.0360BTC support and could test 0.0352BTC.

Technically, the 6-hour chart indicators are accelerating losses in bearish territory.

Ether Price Analysis (ETH)

Recently, we saw a sharp decline in ETH/USD below the $150.00 and $142.00 support levels. The pair traded as low as $133.12 and later started an upside correction, but it faced a strong resistance near the $140.00-142.00 zone.

ETH/BTC declined further and broke the 0.0365BTC and 0.0360BTC support levels. The pair is currently trading near 0.0357BTC, and it seems like it could continue to move down toward the 0.0352BTC support level.

Ethereum Price Analysis ETH Forecast

Looking at the 6-hour chart of ETH/USD, there was a strong bearish reaction from the $167.41 swing high. The pair fell significantly and traded below the key $150.00 and $142.00 support levels. There was even a close below the $142.00 support, which is now acting as a resistance.

On the downside, there is a decent support formed above $130.00 and a crucial bullish trendline with support at $132.00 on the same chart. Should Ether trade below the $130.00 support, it could test the main support at $125.00.

Moving down to the 2-hour chart of ETH/USD, the pair corrected higher and faced a strong selling interest near the $142.00 resistance (the previous support). Ether’s price retreated from highs and it seems like it could revisit the $133.00 swing low.

Ether Price Analysis Chart

To the topside, a successful break above the $142.00 resistance and 23.6 percent Fibonacci retracement level of the recent drop from the $167.41 high to $133.12 low is needed for a short-term rebound toward the $150.00 resistance.

To sum up, Ether is clearly struggling to bounce back above the $142.00 resistance, which could result in more losses below the $133.00, $132.00, and $130.00 levels in the coming sessions.

Important Resistance Levels

$140.00 and $142.00

Important Support Levels

$132.00 and $130.00

6-hour RSI

The RSI is now well below the 30 level.

6-hour MACD

The MACD is gaining pace in the bearish zone.

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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