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Ethereum Weekly Forecast: Ether Price Primed For Lift-Off

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is gaining bullish strength against the US dollar and bitcoin. ETH/USD is now placed in a positive zone above the $1,100.00 and $1,070.00 support levels.

Key Highlights

Ether’s price gained bullish traction and was able to move above the $1,100.00 resistance against the US dollar.
There was an important bullish break above $1,025.00 on the 12-hour chart of ETH/USD.
ETH/BTC is grinding higher and it looks set to test the 0.1000BTC resistance.

Technically, the 2-hour chart indicators are gaining upside momentum into bullish territory.

Ether Price to break $1200?

The past three sessions were bullish as ETH/USD traded above a couple of important resistance levels - $1,075.00 and $1,100.00. The pair is now back in an uptrend and it could continue to move higher toward $1,200.00.

Ethereum Price ETH/USD Forecast

Similarly, ETH/BTC is showing a lot of bullish signs with a daily close above 0.0900BTC. The pair is likely to accelerate higher toward the 0.1000BTC resistance, which has been a major barrier for Ether buyers.

Starting with the 12-hour chart of ETH/USD, there was a decent support formation above $850.00. The pair started an upside move and it was able to surpass a key bearish trendline with resistance at $1,025.00.

Buyers also succeeded in pushing Ether’s price above the 23.6 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.72 low. As a result, there was an increase in the bullish sentiment and the price broke an important resistance at $1,075.00 and $1,100.00.

More importantly, the price moved above the 50 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.72 low, which suggests that Ether could continue to move higher.

Ether Price Weekly Analysis Chart

On the upside, the next major resistance is around $1,190.00-1,200.00. Above $1,200.00, the price possibly will accelerate toward the last swing high near $1,400.00.

Moving down to the 2-hour chart of ETH/USD, the pair broke a significant hurdle around $1,075.00 and $1,100.00. There is a bullish trendline forming with support at $1,110.00. If the price corrects lower from the current levels, it will most likely find buyers near $1,110.00, $1,100.00 and $1,070.00.

The medium-term bias is bullish and ETH/USD may perhaps continue to move higher toward $1,200.00 and $1,400.00 in the near term.

Important Resistance Levels

$1,200.00 and $1,280.00

Important Support Levels

$1,100.00 and $1,070.00

12-hour RSI

The RSI is now back above the 50 level.

12-hour MACD

The MACD is gaining momentum 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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