Ethereum Price Forecast: Ether Dives Below $140, $125 Holds Key

Ether’s price declined heavily below key supports against the US dollar and bitcoin. ETH/USD may correct a few points, but there is a risk of more losses in the short term.

Key Highlights

Ether’s price reacted to the downside and declined below the $148.00 support against the US dollar.

ETH/USD broke a major bullish trendline with support at $152.00 on the 6-hour chart.

ETH/BTC fell sharply and broke the 0.0365BTC and 0.0355BTC supports.

Technically, the 6-hour chart are gaining momentum in the bearish territory.

Ether Price Analysis

Yesterday, we discussed that ETH could react to the downside if there is a clear break below $150.00 and $148.00. The pair declined sharply below $148.00 and it even traded below the $140.00 support level.

ETH/BTC followed a similar structure and traded below the 0.0365BTC and 0.0355BTC support levels. The pair is currently trading below 0.0350BTC and it may perhaps decline further toward 0.0332BTC.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, the pair clearly struggled to surpass the $160.00-162.00 resistance. Later, there was a contracting triangle formed above the $150.00 support. Buyers failed to protect losses and the price declined below $150.00 and a major bullish trendline, with support at $152.00.

After the bearish break, Ether’s price declined heavily below $148.00, $145.00 and $140.00. It tested the $130.00-132.00 support zone where buyers emerged. However, the current price action is indicating more declines below $130.00. The next major support is at $125.00, followed by $120.00.

Ether price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair declined heavily below $148.00 and traded as low as $130.85. In the short term, there could be an upside correction toward the $135.00 level, above which the price may test the 23.6 percent Fibonacci retracement level of the last recent decline from the $163.57 high to $130.85 low near $138.00.

To sum up, Ether turned bearish near term below $148.00 and it could continue to decline. The main support is at $125.00, below which ETH/USD will most likely struggle to recover in the coming days.

Important Resistance Levels

$135.00 and $138.00

Important Support Levels

$130.00 and $125.00

6-hour RSI

The RSI is moving lower toward the 20 level.

6-hour MACD

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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