{"id":405287,"date":"2019-11-24T06:00:12","date_gmt":"2019-11-24T06:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=405287"},"modified":"2024-06-11T13:09:18","modified_gmt":"2024-06-11T13:09:18","slug":"ethereum-price-weekly-forecast-eth-at-risk-of-further-declines","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-weekly-forecast-eth-at-risk-of-further-declines\/","title":{"rendered":"Ethereum Price Weekly Forecast: ETH At Risk of Further Declines"},"content":{"rendered":"<ul>\n<li>ETH price is down more than $30 in the past few days against the US Dollar.<\/li>\n<li>The price even spiked below $150 and it is currently correcting higher.<\/li>\n<li>There is a major breakout pattern forming with resistance near $152 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is struggling to correct higher and it could resume its decline below $150.<\/li>\n<\/ul>\n<p><em>Ethereum price is trading in a bearish zone below $155 and $160 against the US Dollar, similar to <a href=\"https:\/\/wncen.com\/2019\/11\/24\/bitcoin-weekly-forecast-btc-aiming-key-6-5k-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin<\/a>. ETH price is likely to revisit $125 before it could recover.<\/em><\/p>\n<h2>Ethereum Price Weekly Analysis<\/h2>\n<p>This past week, Ethereum declined heavily after it broke the key $172 support against the US Dollar. ETH price traded below many key supports near the $170 and $165 levels.<\/p>\n<p>Moreover, there was a break below the $150 support and the price settled well below the 100 simple moving average (4-hours). A new multi-month low was formed near $138 and the price recently corrected higher.<\/p>\n<p>It broke the $145 and $150 resistance levels. Besides, Ethereum recovered above the 23.6% Fib retracement level of the downward move from the $177 high to $138 low.<\/p>\n<p>However, the price seems to be facing a <a href=\"https:\/\/wncen.com\/2019\/11\/22\/ethereum-eth-hits-final-bearish-target-whats-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong resistance<\/a> near the $155 level. More importantly, there is a major breakout pattern forming with resistance near $152 on the 4-hours chart of ETH\/USD.<\/p>\n<p>Therefore, an upside break above the $152 and $155 levels might push the price higher. An immediate resistance is near the $158 level. It represents the 50% Fib retracement level of the downward move from the $177 high to $138 low.<\/p>\n<p>The main resistance is near $160 and a connecting bearish trend line on the same chart. A clear break above the $155 and $160 resistance levels could start a decent recovery. In the mentioned case, the price could recover towards the $172 resistance.<\/p>\n<p>On the downside, an immediate support is near the $150 level. If there is a downside break below the $150 support, the price is likely to retest $140.<\/p>\n<p>Any further downsides may perhaps open the doors for a push towards the $132 and $130 support levels. The next major support is near the $125 level, where the bulls may emerge.<\/p>\n<figure id=\"attachment_405288\" aria-describedby=\"caption-attachment-405288\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405288\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?resize=1828%2C868\" alt=\"Ethereum Price Weekly Analysis\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Ethereum-19.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405288\" class=\"wp-caption-text\">Ethereum Price<\/figcaption><\/figure>\n<p>The above <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> indicates that Ethereum price is under a lot of pressure below the $155 and $160 resistance levels. Overall, there are chances of more downsides below $150 and $140 in the near term.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for ETH\/USD is slowly moving into the bullish zone.<\/p>\n<p>4 hours RSI &#8211; The RSI for ETH\/USD is currently recovering, but it is well below the 40 level.<\/p>\n<p>Major Support Level \u2013 $140<\/p>\n<p>Major Resistance Level \u2013 $160<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETH price is down more than $30 in the past few days against the US Dollar. The price even spiked below $150 and it is currently correcting higher. There is a major breakout pattern forming with resistance near $152 on the 4-hours chart of ETH\/USD (data feed via Kraken). The pair is struggling to correct higher and it could resume its decline below $150. Ethereum price is trading in a bearish zone below $155 and $160 against the US Dollar, similar to bitcoin. ETH price is likely to revisit $125 before it could recover. Ethereum Price Weekly Analysis This past week, Ethereum declined heavily after it broke the key $172 support against the US Dollar. ETH price traded below many key supports near the $170 and $165 levels. Moreover, there was a break below the $150 support and the price settled well below the 100 simple moving average (4-hours). A new multi-month low was formed near $138 and the price recently corrected higher. It broke the $145 and $150 resistance levels. Besides, Ethereum recovered above the 23.6% Fib retracement level of the downward move from the $177 high to $138 low. However, the price seems to be facing a strong resistance near the $155 level. More importantly, there is a major breakout pattern forming with resistance near $152 on the 4-hours chart of ETH\/USD. Therefore, an upside break above the $152 and $155 levels might push the price higher. An immediate resistance is near the $158 level. It represents the 50% Fib retracement level of the downward move from the $177 high to $138 low. The main resistance is near $160 and a connecting bearish trend line on the same chart. A clear break above the $155 and $160 resistance levels could start a decent recovery. In the mentioned case, the price could recover towards the $172 resistance. On the downside, an immediate support is near the $150 level. If there is a downside break below the $150 support, the price is likely to retest $140. Any further downsides may perhaps open the doors for a push towards the $132 and $130 support levels. The next major support is near the $125 level, where the bulls may emerge. The above chart indicates that Ethereum price is under a lot of pressure below the $155 and $160 resistance levels. Overall, there are chances of more downsides below $150 and $140 in the near term. Technical Indicators 4 hours MACD \u2013 The MACD for ETH\/USD is slowly moving into the bullish zone. 4 hours RSI &#8211; The RSI for ETH\/USD is currently recovering, but it is well below the 40 level. Major Support Level \u2013 $140 Major Resistance Level \u2013 $160<\/p>\n","protected":false},"author":67,"featured_media":393614,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946],"class_list":["post-405287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Price Weekly Forecast: ETH At Risk of Further Declines<\/title>\n<meta name=\"description\" content=\"Ethereum price is trading in a bearish zone below $155 and $160 against the US Dollar, similar to bitcoin. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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