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Ethereum Price Forecast: Ether In Significant Uptrend Above $140

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price remains in a significant uptrend against the US dollar and bitcoin. ETH/USD could trade in a range before the next upward move above $160.00 and $165.00.

Key Highlights

Ether’s price is currently consolidating above the $150.00 support against the US dollar.
A crucial bullish trendline is in place with support at $142.00 on the 12-hour chart of ETH/USD.
ETH/BTC started a short-term downside correction below the 0.0400BTC level.

Technically, the 12-hour chart is gaining pace in the bullish territory.

Ether Price Weekly Analysis

This past week, there was a fresh upward move in ETH/USD from the $135.00 support area. The pair broke the $150.00 and $155.00 resistance levels, cleared the $160.00 barrier, and traded to a new yearly high at $163.57.

ETH/BTC surged higher and broke the 0.0380BTC and 0.0400BTC resistance levels. The pair even cleared the 0.0410BTC level and later started a downside correction below the 0.0400BTC support. The key support is at 0.0385BTC, followed by 0.0365BTC.

Ethereum Price Analysis ETH

Starting with the 12-hour chart of ETH/USD, the pair is trading with a strong bullish bias above the $120.00 pivot level. The pair recently broke the $140.00 resistance and settled above $150.00. A high was formed at $163.57, and later the price started a short-term correction.

It tested the $155.00 support and is currently trading in a tight range. On the downside, there is a significant support near $145.00 and a bullish trendline with support at $142.00.

Should Ether trade below the $142.00 support, the price could test the next key support at $135.00. However, the main support is near the $120.00 pivot area and the 50 percent Fibonacci retracement level of the upward move from the $82.12 low to $163.57 high.

Ether Price Analysis Chart

To the topside, the $160.00-165.00 area is a solid resistance, above which the price may accelerate toward the $170.00 and $175.00 levels. The main resistance is at $180.00, followed by $184.00.

The 2-hour chart of ETH/USD indicates that Ether’s price is preparing for the next break, with support at $148.00 and resistance near $157.00. The current price action is positive and there is a high chance of an upside break above $160.00 in the coming sessions.

Weekly Resistance Levels

$163.00 and $170.00

Weekly Support Levels

$150.00 and $142.00

12-hour RSI

The RSI is placed well above the 60 level.

12-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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