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Ethereum Price Forecast: Pullbacks In Ether Remain Attractive

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price dipped and bounced back recently against the US dollar and bitcoin. Short-term bearish moves in ETH/USD, due perhaps to the Constantinople hard fork delay, remain well-supported.

Key Highlights

Ether’s price corrected lower after the Constantinople hard fork was delayed.
A breakout pattern is formed with resistance at $128.00 on the 2-hour chart of ETH/USD.
ETH/BTC corrected lower and tested the 0.0335BTC support level.

Technically, the 2-hour charts are currently just above midlines in the bullish territory.

Ether Price Analysis

Yesterday, we saw a sharp reversal in ETH/USD above the $125.00 resistance. The pair tested the $132.00 resistance and later corrected lower after the Constantinople hard fork was delayed.

ETH/BTC also reacted to the downside and declined below the 0.0345BTC and 0.0340BTC support levels. However, the 0.0335BTC level acted as a support; sooner or later, the pair could recover above 0.0340BTC.

Ethereum Price Analysis ETH

The 2-hour chart of ETH/USD suggests that there was a sharp bearish reaction from the $132.00 resistance zone (as discussed yesterday). The pair dipped below the $125.00 support and tested the $120.00 pivot area, where buyers emerged.

The price bounced back above $125.00, at least temporarily, but upsides seem to be capped near $127.00, $128.00, and $130.00. At the outset, there is a breakout pattern formed with resistance at $128.00 on the same chart.

Should Ether break the triangle resistance and $130.00, the price could climb toward the $135.00 and $140.00 levels in the coming days. Alternatively, a downside break and close below $120.00 might clear hurdles for sellers in the near term.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, there is a strong support formed near the $122.00 level and a bullish trendline. To the topside, an initial resistance is at $126.00, followed by a connecting bearish trendline at $128.00.

To sum up, recent short-term bearish moves found a strong buying interest near $120.00. Therefore, Ether could make another attempt to surpass the $128.00 and $130.00 resistances as long as it is above $120.00.

Important Resistance Levels

$128.00 and $130.00

Important Support Levels

$122.00 and $120.00

2-hour RSI

The RSI is currently holding the 50 level.

2-hour MACD

The MACD is slightly 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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