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Ethereum Price Forecast: Ether Could Rebound In Short Term

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price tested key support levels against the US dollar and bitcoin. ETH/USD could rebound in the short term, but upsides are likely to be limited.

Key Highlights

Ether’s price traded toward the $100.00 support level and started consolidating against the US dollar.
A major triangle is formed with resistance near $106.00 on the 2-hour chart of ETH/USD.
ETH/BTC is currently trading in a range above the 0.0300BTC support.

Technically, the 2-hour chart indicators are slowly recovering from the oversold levels.

Ether Price Analysis

Yesterday, we discussed that ETH/USD might find a strong buying interest near the $100.00 level. The pair traded lower recently, almost testing the $100.00 level, and later started a short-term upside correction.

ETH/BTC also found a decent buying interest near the 0.0300BTC level. The pair is currently trading in a range and could correct higher toward the 0.0312BTC and 0.0315BTC resistance levels.

Ethereum Price Analysis and ETH Forecast

Starting with the 2-hour chart of ETH/USD, the pair traded close to the $100.00 level and formed a near yearly low at $101.05. Later, Ether started a short-term rebound and moved above the $105.00 resistance. The price tested the 23.6 percent Fibonacci retracement level of the drop from the $120.58 high to $101.05 low.

However, the upward move faced selling interest near the $106.00-106.50 zone. The chart suggests that there is a major triangle formed, with resistance near $106.00 and support at $104.50.

Ether Price Analysis Chart

Therefore, the next move in Ether could be either above $106.00 or below $104.50. Should there be an upside break above $106.00, the price could recover toward the 107.50 and $108.00 levels. The next substantial resistance awaits near $110.00 and the 50 percent Fibonacci retracement level of the drop from the $120.58 high to $101.05 low.

On the other hand, if buyers struggle to gain momentum above $106.00 or $107.00, there could be a fresh bearish break below the $104.50 and $104.00 levels. The main support is near the $100.00 handle, below which Ether’s price is likely to extend its decline toward the $95.00 or $92.00 level.

Important Resistance Levels

$106.00 and $110.00

Important Support Levels

$104.00 and $101.00

2-hour RSI

The RSI is slowly moving higher toward the 40 level.

2-hour 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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