Ethereum Price Forecast: Ether Rally Unwinds, Key Support Nearby
Ether Price Analysis
ETH/USD made another attempt to surpass the $160.00-162.00 resistance zone, but it failed. Later, the pair started a downside correction and traded below the $158.00 and $156.00 support levels.
ETH/BTC also started a short-term correction below the 0.0400BTC support. The pair broke the 0.0392BTC support and tested the key 0.0380BTC support, below which Ether could decline toward 0.0365BTC.
Looking at the 2-hour chart of ETH/USD, there were two rejections noted above the $160.00 barrier. Buyers struggled to gain momentum above $160.00, resulting in a bearish reaction. The price declined below the $156.00 support and traded close to the $150.00 support.
To the downside, there is a significant support formed near $150.00 and two bullish trendlines. Should Ether break the $148.00-150.00 support, the price could extend the current decline toward the next major support at $140.00.
Moving down to the 30-minute chart of ETH/USD, the pair traded as low as $151.50 and is currently consolidating losses. An initial resistance is near the $154.00 level and the 23.6 percent Fibonacci retracement level of the recent drop from the $162.76 high to $151.50 low.
However, the main hurdle for buyers is near the $156.00 level (the previous support) and a bearish trendline on the same chart, followed by the 50 percent Fibonacci retracement level of the recent drop.
Therefore, to start a fresh upward move, the price must clear the $156.00 and $157.00 resistance levels. If not, there is a risk of a downside push below $150.00 in ETH/USD in the near term.