{"id":407329,"date":"2019-12-15T04:08:28","date_gmt":"2019-12-15T04:08:28","guid":{"rendered":"https:\/\/wncen.com\/?p=407329"},"modified":"2024-06-11T13:09:25","modified_gmt":"2024-06-11T13:09:25","slug":"ethereum-price-weekly-forecast-eth-primed-for-more-downsides","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-weekly-forecast-eth-primed-for-more-downsides\/","title":{"rendered":"Ethereum Price Weekly Forecast: ETH Primed For More Downsides"},"content":{"rendered":"<ul>\n<li>ETH price is trading in a bearish zone below the $142 and $146 resistance levels against the US Dollar.<\/li>\n<li>The price is declining and it seems like it could continue to drop below $140.<\/li>\n<li>There is a major bearish trend line forming with resistance near $142 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is likely to face a lot of selling interest as long as it is below $146.<\/li>\n<\/ul>\n<p><em>Ethereum price is struggling to recover and correct higher against the US Dollar, similar to <a href=\"https:\/\/wncen.com\/2019\/12\/13\/bitcoin-btc-flirts-with-key-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin<\/a>. ETH price remains at a risk of more downsides below $140 and $136.<\/em><\/p>\n<h2>Ethereum Price Weekly Analysis<\/h2>\n<p>This past week, Ethereum declined below the $144 and $142 support levels against the US Dollar. ETH price even spiked below the $140 support and a new monthly low was formed near $139.<\/p>\n<p>Later, there was an upside correction above the $142 resistance level. However, the upward move was capped by the $145-$146 resistance zone. A high is formed near $146 and the price is currently declining.<\/p>\n<p>It is trading near the $140 support area and remains at a <a href=\"https:\/\/wncen.com\/2019\/12\/13\/ethereum-eth-recovery-facing-hurdles-bitcoin-consolidating\/\" target=\"_blank\" rel=\"noopener noreferrer \">risk of more downsides<\/a>. An initial resistance is near the $141 level, which is near the 23.6% Fib retracement level of the recent decline from the $146 high to $140 low.<\/p>\n<p>On the upside, there are many hurdles near the $142 and $144 levels. Besides, there is a major bearish trend line forming with resistance near $142 on the 4-hours chart of ETH\/USD.<\/p>\n<p>Additionally, the trend line also coincides with the 50% Fib retracement level of the recent decline from the $146 high to $140 low. Therefore, a clear break above the $142 resistance is needed for a decent recovery.<\/p>\n<p>The main resistance is still near the $144 and $146 levels. Thus, if there is a successful close above the $146 resistance, the price could continue to recover towards the $152 and $155 resistance levels.<\/p>\n<p>On the downside, an initial support is near the $140 level. If there is a daily close below the $140 level, there is a risk of a downside thrust towards the $135 and $132 levels in the coming sessions.<\/p>\n<figure id=\"attachment_407330\" aria-describedby=\"caption-attachment-407330\" style=\"width: 1941px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407330\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?resize=1941%2C1142\" alt=\"Ethereum Price \" width=\"1941\" height=\"1142\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=1941 1941w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Ethereum-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407330\" 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 facing a lot of hurdles near the $142 and $146 levels. Therefore, the bears are likely to remain in action and there is a risk of another bearish breakdown below the $140 support area.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for ETH\/USD is slowly gaining strength in the bearish zone.<\/p>\n<p>4 hours RSI &#8211; The RSI for ETH\/USD is currently declining and it is closing in towards the 30 level.<\/p>\n<p>Major Support Level \u2013 $140<\/p>\n<p>Major Resistance Level \u2013 $146<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETH price is trading in a bearish zone below the $142 and $146 resistance levels against the US Dollar. The price is declining and it seems like it could continue to drop below $140. There is a major bearish trend line forming with resistance near $142 on the 4-hours chart of ETH\/USD (data feed via Kraken). The pair is likely to face a lot of selling interest as long as it is below $146. Ethereum price is struggling to recover and correct higher against the US Dollar, similar to bitcoin. ETH price remains at a risk of more downsides below $140 and $136. Ethereum Price Weekly Analysis This past week, Ethereum declined below the $144 and $142 support levels against the US Dollar. ETH price even spiked below the $140 support and a new monthly low was formed near $139. Later, there was an upside correction above the $142 resistance level. However, the upward move was capped by the $145-$146 resistance zone. A high is formed near $146 and the price is currently declining. It is trading near the $140 support area and remains at a risk of more downsides. An initial resistance is near the $141 level, which is near the 23.6% Fib retracement level of the recent decline from the $146 high to $140 low. On the upside, there are many hurdles near the $142 and $144 levels. Besides, there is a major bearish trend line forming with resistance near $142 on the 4-hours chart of ETH\/USD. Additionally, the trend line also coincides with the 50% Fib retracement level of the recent decline from the $146 high to $140 low. Therefore, a clear break above the $142 resistance is needed for a decent recovery. The main resistance is still near the $144 and $146 levels. Thus, if there is a successful close above the $146 resistance, the price could continue to recover towards the $152 and $155 resistance levels. On the downside, an initial support is near the $140 level. If there is a daily close below the $140 level, there is a risk of a downside thrust towards the $135 and $132 levels in the coming sessions. The above chart indicates that Ethereum price is facing a lot of hurdles near the $142 and $146 levels. Therefore, the bears are likely to remain in action and there is a risk of another bearish breakdown below the $140 support area. Technical Indicators 4 hours MACD \u2013 The MACD for ETH\/USD is slowly gaining strength in the bearish zone. 4 hours RSI &#8211; The RSI for ETH\/USD is currently declining and it is closing in towards the 30 level. Major Support Level \u2013 $140 Major Resistance Level \u2013 $146<\/p>\n","protected":false},"author":67,"featured_media":166908,"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-407329","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 Primed For More Downsides<\/title>\n<meta name=\"description\" content=\"Ethereum price is struggling to recover and correct higher against the US Dollar, similar to bitcoin. 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