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Ethereum Price Forecast: Ether Confined In Crucial Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is confined in tight ranges against the US dollar and bitcoin. ETH/USD must gain momentum above $125.00 to move into a bullish zone.

Key Highlights

Ether’s price traded in a range below the $125.00 resistance against the US dollar.
A major bearish trendline is formed, with resistance at $122.50 on the 30-minute chart of ETH/USD.
ETH/BTC is consolidating above the 0.0330BTC support, with immediate resistance at 0.0340BTC.

Technically, the 30-minute chart indicators are moving higher in bearish territory.

Ether Price Analysis

In the past few hours, there were mostly range moves above the $118.00 support in ETH/USD. The pair made an upward move and traded above the $123.00 resistance, but it failed to clear the $124.50-125.00 area.

ETH/BTC also traded in a tiny range above the 0.0330BTC support area. On the upside, the main resistance is at 0.0340BTC, above which the pair could start a short-term uptrend to 0.0350BTC and 0.0362BTC.

Ethereum Price Analysis ETH

Starting with the 30-minute chart of ETH/USD, the pair retested the $118.00 support area recently and traded as low as $118.21. Later, Ether climbed higher and broke the $122.00 and $123.00 resistance levels. However, buyers failed to push the price above the $125.00 hurdle and a high was formed at $124.55.

Later, the price started a downside correction and moved below $122.00 and the 50 percent Fibonacci retracement level of the upward move from the $118.21 low to $124.55 high.

However, the $120.00 level acted as a support along with the 61.8 percent Fibonacci retracement level of the same upward move. The price is currently trading above the $120.00 support and could trade higher toward $122.00 and a major bearish trendline with resistance at $122.50 on the same chart.

Ether Price Analysis Chart

A successful close above the trendline might push Ether’s price toward the $124.50-125.00 resistance zone, above which buyers are likely to take control in the near term. On the other hand, a downside break below $120.00 and $118.00 will most likely spark bearish moves toward $115.00 and $112.00.

Important Resistance Levels

$122.50 and $125.00

Important Support Levels

$120.00 and $118.00

30-minute RSI

The RSI is moving higher toward the 45 level.

30-minute MACD

The MACD is about to move into 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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