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Ethereum Price Forecast: Ether Bracing For Upside Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is gaining bullish momentum against the US dollar and bitcoin. ETH/USD could rally toward $150.00 if there is a break above the $142.00 resistance.

Key Highlights

Ether’s price dipped recently and tested the $130.00 support area against the US dollar.
A crucial range is formed with support at $132.00 and resistance near $142.00 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly moving higher toward the 0.0380BTC resistance level.

Technically, the 2-hour chart are moving higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed the importance of the $130.00 support area in ETH/USD. The pair dipped recently and tested the $130.00 support, where buyers emerged and protected further declines.

ETH/BTC stayed above the 0.0350BTC support, and it seems like it may continue to move higher. The next main resistance is at 0.0375BTC, above which the price may test the 0.0392BTC resistance.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair is trading in a broad range below the $142.00 and $145.00 resistance levels. Should Ether break the $145.00 resistance, the price may climb toward the $150.00 and $155.00 resistance levels.

On the downside, there is a strong support formed near the $132.00 and $130.00 support levels. Additionally, there is a key bullish trendline in place, with support at $133.00 on the same chart.

Finally, the 50 percent Fibonacci retracement level of the upward move from the $114.71 low to $150.06 high is also a decent support above the $130.00 level. If there is a downside break below the $130.00 support, sellers are likely to take control.

Ether Price Analysis Chart

The next key support is near $125.00 and the 61.8 percent Fibonacci retracement level of the upward move. The current price action is positive above $132.00 and $130.00, but buyers need to gain momentum above the $142.00 resistance area.

To sum up, ETH/USD is preparing for the next break either above $142.00 or below $132.00 in the near term. The chances of an upside break are high as long as Ether is trading above $132.00-133.00.

Important Resistance Levels

$142.00 and $145.00

Important Support Levels

$132.00 and $130.00

2-hour RSI

The RSI is moving higher toward the 60 level.

2-hour MACD

The MACD is gaining momentum in the bullish zone.

Aayush Jindal

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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