The Ethereum price forecast today indicates that the price of Ether is facing a strong rejection just above the $225 position. The digital asset has had an uneven period in recent weeks. Despite recording some measure of gains in recent weeks, the price of Ethereum entered bearish territory for the short-term.
The price of the top asset class reportedly had a significant drop from the $235 position. Although the price of Ether did try to break through a number of key resistance positions via the 4 hour charts, a fresh strong push by sellers forced the coin’s price to drop to its current position of $208 as of when this report was published.
Ethereum (ETH) Price Today – ETH / USD
Critical Head and Shoulders Pattern is Forming for ETH/USD
A close analysis of the hourly chart for ETH/USD shows that there’s a critical head and shoulders pattern in play. The pattern is starting to form as Ether price faced some form of rejection from its last resistance area. Now the price of Ethereum is still hovering slightly above its support levels as the digital asset is now selling at $208 with its key support positions lying at the $193 zone and the $185 position.
Looking closely at the 4 hour chart for ETH/USD it is clear that if the head and shoulders trend line continue, the price of Ethereum will now find fresh support at the $155 position. This is set to stay bearish for the asset class as the coin is predicted to playout its short term bearish outlook.
RSI Has Turned Bearish for ETH/USD
As Ethereum’s green movement ends, the technical indicators are beginning to switch to the bearish side. RSI (the Relative Strength Index) has already entered bearish territory. It is currently showing that sellers are currently in control of the market. Furthermore, MACD (the moving average convergence divergence) has switched to the bearish side as well. It is currently showing that sellers hold the momentum for ETH/USD.
Looking at the medium term-charts for ETH/USD, we can see that the price of Ethereum is yet to enter either a bearish or bullish region. The price of the coin is now closing in on the 200 MA (moving average). The price action for Ether via the medium term-charts failed to establish any support at a higher price position. It is now possibly heading nearer and nearer to the low point from July which was at the $192 mark.
Ether Price to fall to $160 if Selling is Continues
If this selling trend continues under the above mentioned level, the price of Ethereum will possibly fall to reach as low as the $160 support position. This is looking more like a high probability as all the technical indicators for ETH/USD are still negative. They are all showing momentum by sellers. Hence, ETH reaching the $160 support position at some point sounds like a possibility.
The price action will probably enter bullish region and remain bullish as long as it trades above the $100 position. If RSI remains in the bearish side, this will be indicating a further drop in Ethereum’s price moving forward. MACD is also bearish and showing a strong sell signal as well. Hence, the reason why Ethereum’s price started to decline after facing rejection at the $235 level. The price of the digital asset may probably fall to as low as the $155 level if the price action doesn’t change soon.