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Ethereum Price Forecast: Ether Reverses Sharply Upward

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price jumped back in a positive zone against the US dollar and bitcoin. ETH/USD could accelerate gains if it surpasses the $132.00 and $135.00 resistances.

Key Highlights

Ether’s price bounced back and surpassed the $123.00 and $125.00 resistances against the US dollar.
ETH/USD must break the $132.00 and $135.00 resistances to start a fresh uptrend.
ETH/BTC is back above 0.0350BTC, with a bullish angle.

Technically, the 12-hour charts are currently near midlines in bearish territory.

Ether Price Analysis

The past three sessions turned out to be super bullish on Ether. The price started a solid upward move from the $114.64 low and jumped above the $123.00 and $125.00 resistance levels.

ETH/BTC found a strong buying interest, resulting in bullish moves above 0.0340BTC. The pair broke the 0.0350BTC resistance and may continue to climb toward the 0.0365BTC resistance.

Ethereum Price Analysis ETH

Let’s look at the 12-hour chart of ETH/USD to understand the recent reversal from the $114.64 low. After a strong downward move below $140.00 and $120.00, it seems like Ether found support near the 28 December 2018 low. There were a few spikes near the $114.00-115.00 support zone (as pointed out in the weekly analysis), and the price later jumped sharply.

More importantly, the price found support near the 61.8 percent Fibonacci retracement level of the last major recovery from the $82.12 low to $163.57 high. The last 12-hour candle is suggesting a positive change in the trend, but the price is currently struggling near a significant resistance at $130.00-132.00.

Additionally, there is a crucial bearish trendline in place with resistance at $135.00 on the same chart. Should Ether surpass the $132.00 and $135.00 resistances, it could establish a double pattern above $114.00 and the price may rally above $140.00 and $150.00.

Ether Price Analysis Chart

On the flip side, a failure to break the bearish trendline could trigger a fresh decline to $126.00 or $125.00. To the downside, there is a strong support formed near $122.00 and a bullish trendline on the 2-hour chart of ETH/USD.

Overall, the recent rally has reached a crucial juncture and Ether could either extend gains above $135.00 or decline back to $122.00 and $120.00.

Important Resistance Levels

$132.00 and $135.00

Important Support Levels

$125.00 and $122.00

2-hour RSI

The RSI is currently flat near the 55 level.

2-hour MACD

The MACD is back 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.