Ether’s price extended its decline recently against the US dollar and bitcoin. ETH/USD could find a strong buying interest near the $100.00-105.00 support zone.
Ether’s price declined in the past few days and settled below $125.00 against the US dollar.
A crucial support zone is formed above $100.00 on the daily chart of ETH/USD.
ETH/BTC is likely to extend the current decline toward the 0.0305BTC support level.
Technically, the daily chart indicators are slowly declining in the bearish territory.
Ether Price Weekly Analysis
This past week, we saw a couple of rejections near the $130.00 resistance zone in ETH/USD. As a result, the pair declined, settling below the $125.00 support, and recently traded below the $115.00 support level.
ETH/BTC also failed to hold gains and declined below the 0.0280BTC and 0.0250BTC supports. The pair is currently trading near the 0.0320BTC support, and it seems like it could continue to decline toward the 0.0305BTC support.
Let’s start with the daily chart of ETH/USD to understand the recent decline from well above $125.00. Clearly, the pair was rejected on more than two occasions near the $160.00 level, resulting in a steady drop below $140.00, $130.00, $128.00, and $125.00.
Ether traded below the $120.00 support and the 50 percent Fibonacci retracement level of the move from $82.12 to $163.57. However, the recent decline was protected near the $112.00 level and the 61.8 percent Fibonacci retracement level of the same move.
At the outset, the price seems to be following a contracting triangle, with resistance at $120.00 and support around $110.00. Below the triangle, there is a crucial support zone formed near $105.00-$100.00.
Therefore, Ether is likely to find a strong buying interest above the $100.00 support. Conversely, a successful break above the contracting triangle could clear the path for a fresh upward move toward the $125.00 and $130.00 levels.
Dropping down to the 2-hour chart of ETH/USD, there is a significant resistance formed near $116.00 and two bearish trendlines. On the downside, the price may find support near the last swing low at $111.84, below which there are chances of a bearish extension toward $105.00 or $100.00.
To sum up, the next few days could be significant as it seems like Ether is approaching a major support area near $100.00-105.00.
Weekly Resistance Levels
$120.00 and $125.00
Weekly Support Levels
$110.00 and $105.00
The RSI is currently well below the 30 level.
The MACD is placed heavily 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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