Ethereum Price Forecast: Ether Could Correct Further Before Fresh Increase

February 25, 2019 4:17 PM

Ether’s price settled below important supports against the US dollar and bitcoin. ETH/USD could correct further toward $125.00 before it stages a fresh upward move.

Key Highlights

Ether’s price declined heavily and broke the key $150.00 support against the US dollar.

A major bearish trendline is formed with resistance at $140.00 on the 30-minute chart of ETH/USD.

ETH/BTC fell significantly from the 0.0395BTC swing high and broke the 0.0380BTC support.

Technically, the 2-hour chart indicators are currently consolidating in the oversold area.

Ether Price Analysis (ETH)

After a strong rally, ETH/USD failed near the $167.00 level and later declined sharply. The pair broke a few important supports, such as $150.00, $148.00, and $140.00, to enter a short-term bearish zone.

ETH/BTC also started a major decline and broke the 0.0380BTC and 0.0370BTC support levels. The pair is currently trading above 0.0360BTC and could correct higher toward the 0.0365BTC resistance in the coming sessions.

Ethereum Price Analysis ETH Forecast

Starting with the 2-hour chart of ETH/USD, the pair topped out at $167.41 and fell significantly. There was a strong red candle formed, clearing the $150.00, $148.00, and $140.00 support levels. A new weekly low was formed at $133.12; later, the price corrected higher.

Ether corrected toward the $140.00 level and the 23.6 percent Fibonacci retracement level of the slide from the $167.41 high to $133.12 low. However, buyers failed to gain strength above the $140.00 and $142.00 levels.

The main resistance is near the $150.00 level (the previous crucial hurdle) and the 50 percent Fibonacci retracement level of the slide from the $167.41 high to $133.12 low. To start a fresh upward move, Ether’s price must surpass the $150.00 resistance.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair is clearly consolidating below the $142.00 resistance. Additionally, there is a major bearish trendline formed, with resistance at $140.00. Therefore, a successful break above $140.00 and follow-through above $142.00 could push the price toward $150.00.

Overall, the current price action is bearish on the 2-hour chart below $142.00 and $150.00. It seems like Ether could extend the recent decline below $133.00 and $130.00 before it starts a solid bullish wave.

Important Resistance Levels

$140.00 and $142.00

Important Support Levels

$133.00 and $130.00

2-hour RSI

The RSI is correcting higher from the oversold levels.

2-hour MACD

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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