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Ethereum Price Forecast: Ether Eyeing a Climb

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether started a downside correction against the US dollar whereas it gained upside momentum versus bitcoin. ETH/USD must stay above $1,080.00-1,100.00 to stay in a bullish zone.

Key Highlights

Ether started a downside correction and moved below the $1,150.00 support against the US dollar.
There was a break below a major bullish trendline with support at $1,160.00 on the 2-hour chart of ETH/USD.
ETH/BTC extended gains and traded above the 0.1070BTC level.

Technically, the 2-hour chart indicators are currently near their midlines in the bullish territory.

Ether Price to Bounce Back Soon?

Yesterday, we discussed how ETH/USD could trade in the $1,100.00-1,230.00 range in the short term. The pair started a downside correction recently and tested the lower end of the range at $1,100.00.

On the other hand, ETH/BTC continues to gain traction. It moved above the 0.1070BTC level and it is poised for further gains in the near term.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, the recent upside wave found resistance near a connecting bearish trendline at $1,240.00. The pair failed to clear the mentioned resistance and started a downside correction toward $1,100.00.

The pair recently tested the 50 percent Fibonacci retracement level of the last leg up from the $986.85 low to $1,238.92 high. On the downside, there is a significant bullish trendline forming with current support near $1,080.00-1,100.00.

The stated $1,080.00-1,100.00 support zone holds a lot of significance. Therefore, as long as Ether’s price is above $1,100.00, it remains in an uptrend.

Dropping down to the 2-hour chart, ETH/USD broke a major bullish trendline with support at $1,160.00. However, on the downside, the importance of the $1,100.00 and $1,080.00 support levels is clearly visible.

Ether Price Analysis Chart

It seems like it won’t be easy for Ether sellers to push the price below $1,080.00-1,100.00. The technical picture shows that ETH/USD’s upward potential is limited as long as the pair is below $1,200.00.

An immediate resistance is at $1,160.00, with gains beyond the level favoring a continued advance toward $1,200.00. Above $1,200.00, Monday's high at $1,238.92 could be tested.

Important Resistance Levels

$1,160.00 and $1,200.00

Important Support Levels

$1,100.00 and $1,080.00

6-hour RSI

The RSI is currently just above the 50 level.

6-hour MACD

The MACD is pointing to a lack of bullish strength.

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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