Ether’s price is under pressure against the US dollar and bitcoin. ETH/USD is likely to extend losses if it fails to recover above $115.00 this week.
Ether’s price is struggling to recover above $112.00 and $115.00 against the US dollar.
ETH/USD is following a crucial declining channel with resistance at $115.00 on the 6-hour chart.
ETH/BTC settled below the 0.0280BTC support and it could continue to move down.
Technically, the 6-hour chart indicators are slowly moving lower in the bearish territory.
Ether Price Analysis
Yesterday, we saw a decent upward move above the $110.00 level in ETH/USD. However, the pair failed to break the $112.50 and $113.00 resistance levels, resulting in a fresh decline.
ETH/BTC is currently trading near the 0.0278BTC support, with a bearish angle. Should Ether trade below the 0.02780BTC level, the price may slide further toward the 0.0275BTC support level.
Looking at the 6-hour chart of ETH/USD, the pair clearly failed to settle above the $120.00 resistance (the previous support) and started a slow and steady decline. The current price action indicates that the price could extend losses toward the $102.00 or $100.00 level.
The key bearish indicator is a crucial declining channel, with resistance at $115.00 on the same chart. Therefore, as long as Ether’s price is below the $115.00 and $120.00 resistance levels, there is a risk of a downside break below the important $100.00 support.
Moving down to the 2-hour chart of ETH/USD, the pair is approaching the next break either above $110.00 or below $105.80. To the topside, a successful break above $110.00 and a bearish trendline will most likely push the price toward the $115.00 resistance and the 50 percent Fibonacci retracement level of the drop from the $126.78 high to $105.73 low.
Conversely, a bearish break below the $105.73 low could accelerate losses toward $100.00 or even $95.00. The overall technical structure turned bearish on the 2-hour and 6-hour chart, suggesting higher chances of more losses below $105.73.
The MACD is gaining momentum in the bearish zone.
The RSI is slowly sliding toward 25 and is currently below 35.
Important Support Levels
$105.80 and $102.00
Important Resistance Levels
$110.00 and $115.00
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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