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Ethereum Price Forecast: Ether Primed For More Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains in an uptrend against the US dollar and bitcoin. ETH/USD could continue to move higher if buyers successfully clear the $160.00 resistance.

Key Highlights

Ether’s price traded higher recently and settled above $150.00 against the US dollar.
ETH/USD is approaching the next break either above $160.00 or below $150.00 on the 2-hour chart.
ETH/BTC is climbing higher and may soon break the 0.0400BTC and 0.0405BTC resistances.

Technically, the 2-hour chart is gaining momentum in the bullish territory.

Ether Price Analysis

After forming a support base near the $148.00 level, ETH/USD started a fresh upward move. It broke the $150.00 and $155.00 resistance levels, but buyers once again failed to clear the $160.00 resistance.

ETH/BTC is trading with a positive tone above the 0.0380BTC support. The pair may soon settle above the 0.0400BTC resistance; later, it could test the 0.0420BTC resistance.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair corrected lower from the $159.96 high and declined below the $155.00 and $152.00 support levels. It broke the 23.6 percent Fibonacci retracement level of the upward move from the $131.50 low to $159.96 high.

The price even traded below the $150.00 level, but buyers appeared near the $148.00 support and protected further declines. A low was formed at $147.14 and the price recovered successfully above $155.00.

It seems like Ether is approaching the next key break either above $160.00 or below the $150.00 support. Below the $150.00 support and a bullish trendline, the price may revisit the $142.00 and $140.00 support levels.

Ether Price Analysis Chart

On the flip side, a break above the $159.00 and $160.00 resistance levels could set the pace for more gains above the $165.00 resistance. The next major resistance above $165.00 is near the $172.00 level.

The 30-minute chart of ETH/USD suggests that the pair is trading near the $152.00 support, below which the price may decline toward the $148.00 support.

Overall, Ether is trading in a bullish trend and may soon clear the $160.00 barrier to climb further higher toward the $165.00 and $172.00 levels. If not, ETH/USD will most likely retest the $142.00 support.

Important Resistance Levels

$158.00 and $160.00

Important Support Levels

$150.00 and $142.00

2-hour RSI

The RSI is moving higher toward the 65 level.

2-hour MACD

The MACD is gaining pace 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.