Ethereum Price Forecast: Ether Targets New 2018 Low

November 17, 2018 2:51 PM

Ether’s price failed near key resistances against the US dollar and bitcoin. ETH/USD could decline below $168.00 if it continues to fail near the $182.00 resistance.

Key Highlights

Ether’s price struggled to move above the $180.00 and $182.00 resistances against the US dollar.

ETH/USD remains at a risk of more losses below the $170.00 support level.

ETH/BTC is struggling to move above the 0.0318BTC resistance level.

Technically, the hourly chart indicators are moving lower in the bearish territory.

Ether Price Analysis

Yesterday, there was a minor recovery above the $175.00 level in ETH/USD. However, the pair failed to break the $180.00 and $182.00 resistance levels and later trimmed gains.

ETH/BTC failed to gather pace above the 0.0318BTC and 0.0320BTC resistances levels. As a result, there was a downside reaction toward the 0.0315BTC level, below which the price could test 0.0312BTC.

Ethereum Price Analysis ETH

The 6-hour chart of ETH/USD clearly indicates a major downtrend from the $223.86 high. The pair declined and settled below the $200.00 and $195.00 support levels. Ether traded as low as $168.87 and later started a short-term upside correction.

The price moved above the $175.00 and $180.00 levels, but sellers protected further gains near the $182.00 level. There was no successful close above the 23.6 percent Fibonacci retracement level of the recent drop from the $223.86 swing high to $168.87 low.

Ether started a fresh decline and is currently following a declining channel, with resistance at $177.50. Should Ether buyers fail to push the price above the channel resistance and $180.00, the price could continue to move down toward $168.00 and $165.00 in the near term.

Ether Price Analysis ETH

On the flip side, an upside break above $180.00 may kick-start a decent correction toward $190.00 and $195.00. Dropping down to the 2-hour chart of ETH/USD, the pair seems to be trading in a range above the $168.00 support.

To the topside, there are key resistances near $180.00 and $182.00. Ether’s price may continue to consolidate losses and there could be bearish moves toward $165.00 unless buyers push ETH/USD above $182.00.

Important Resistance Levels

$180.00 and $185.00

Important Support Levels

$172.00 and $168.00

Hourly RSI

The RSI is moving lower toward the 30 level.

Hourly MACD

The MACD is gaining momentum 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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