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Ethereum Forecast: Ether Price Should Continue to Rise

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is correcting lower against the US dollar and bitcoin. However, ETH/USD’s downside remains supported and the pair is in uptrend above $1,190.00.

Key Highlights

Ether is currently correcting lower from the $1383.50 high, but it remains supported against the US dollar.
There is an ascending channel forming with support at $1,190.00 on the 2-hour chart of ETH/USD.
ETH/BTC started a downside correction and traded below the 0.0900BTC level.

Technically, the 2-hour chart indicators are approaching their midlines in the bullish territory.

ETH/USD to Bounce Back?

A substantial downside correction was initiated in ETH/USD as the pair moved below the $1,300.00 and $1,260.00 support levels. However, the medium-term bullish trend is intact and there is a crucial support on the downside at $1,190.00.

Ether Price Analysis Chart

ETH/BTC also started a correction as it failed to break the 0.1000BTC resistance. The pair is moving lower and is currently trading below the 0.0900BTC level.

Starting with the 30-minute chart of ETH/USD, there is a clear short-term bearish bias forming. A low was formed at $1,122.51 before the pair started moving higher. It succeeded in moving past the 23.6 percent Fibonacci retracement level of the last decline from the $1,383.50 high to $1,122.51 low.

However, the previous support at $1,250.00 and the 50 percent Fibonacci retracement level of the last decline, from the $1,383.50 high to $1,122.51 low, both acted as a resistance.

It seems like Ether’s price is struggling to break the $1,250.00 level. Above the mentioned $1,250.00, there is a bearish trendline with resistance at $1,265.00.

Ethereum Price ETH/USD Forecast

When looking at the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $1,190.00. The pair recently tested the channel support and recovered. As long as the price is above $1,190.00 and $1,150.00, it remains in an uptrend.

On the upside, a close above $1,250.00 is needed to overcome the current selling pressure. Above $1,250.00, the next major hurdle is a bearish trendline at $1,280.00. Past that, the price will most likely trade toward $1,350.00.

Important Resistance Levels

$1,250.00 and $1,280.00

Important Support Levels

$1,190.00 and $1,150.00

2-Hour RSI

The RSI is moving lower toward the 50 level.

2-Hour MACD

The MACD is currently reducing its bullish slope.

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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