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Ethereum Price Forecast: Ether Rallies Above Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained bullish momentum above $125.00 against the US dollar. ETH/USD moved into a positive zone and may resume its upside above $130.00.

Key Highlights

Ether’s price climbed higher and broke the $123.00 and $125.00 resistances against the US Dollar.
ETH/USD cleared a contracting triangle with resistance at $121.50 on the 30-minute chart.
ETH/BTC is slowly rising toward the 0.0340BTC resistance level.

Technically, the 30-minute chart indicators are placed nicely in the bullish territory.

Ether Price Analysis

Yesterday, we saw a major resistance near the $122.50 and $125.00 levels for ETH/USD. The pair formed a solid support above $118.00 and later climbed above the $123.00 and $125.00 resistances.

ETH/BTC is also showing positive signs above the 0.0330BTC support, and it seems like it could trade toward the 0.0340BTC resistance level. The next major hurdle for buyers is near the 0.0350BTC.

Ethereum Price Analysis ETH

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $118.82 recently and started a nice upward move. It broke the $120.00 resistance and a contracting triangle, with resistance at $121.50. It opened the doors for more gains, and the price rallied above the $125.00 resistance.

A new intraday high was formed at $128.07; later, the price started a short-term downward correction. It declined below the $126.00 level and the 23.6 percent Fibonacci retracement level of the recent upward move from the $118.82 low to $128.07 high.

However, there are many supports on the downside, starting with $125.00. The next key support is near $123.00 and the 50 percent Fibonacci retracement level of the recent upward move. Finally, the previous resistance near the $121.50 level might act as a strong buy zone.

Ether Price Analysis Chart

Moving down to the 15-minute chart of ETH/USD, there is a declining channel formed, with resistance near $126.00. Therefore, a break above $126.00 and $126.50 could start a fresh upward move toward $128.00 and $130.00 in the near term.

Overall, Ether moved into a positive zone above $123.00, and ETH/USD will most likely climb above $128.00 and $130.00.

Important Resistance Levels

$126.00 and $128.00

Important Support Levels

$125.00 and $123.00

30-minute RSI

The RSI is now well above the 60 level.

30-minute MACD

The MACD is gaining strength 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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