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Ethereum Price Forecast: Ether’s Rebound Could Fail Near $115

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price climbed higher and recovered a few points against the US dollar and bitcoin. However, there are many hurdles for ETH/USD buyers near $115.00.

Key Highlights

Ether’s price started a short-term rebound and moved above $105.00 against the US dollar.
ETH/USD broke an important triangle with resistance near $106.00 on the 2-hour chart.
ETH/BTC also recovered and traded toward the 0.0315BTC resistance level.

Technically, the 2-hour chart indicators have reached midlines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed possibilities of a short-term rebound in ETH/USD above the $105.00 and $106.00 resistance levels. The pair did move higher, breaking the $108.00 resistance, and spiked above the $110.00 hurdle.

ETH/USD also started a decent rebound and moved above the 0.0310BTC and 0.0312BTC resistance levels (as pointed out yesterday). The pair is currently trading near the 0.0315BTC resistance level, with a few positive signs.

Ethereum Price Analysis ETH Forecast

Let’s look at the 2-hour chart of ETH/USD to understand the recent rebound from the $101.05 swing low. The pair started consolidating losses after trading to a new yearly low and settled above the $102.00 level. Later, buyers gained traction, resulting in an upside break above an important triangle, with resistance near $106.00.

The pair also broke the 38.2 percent Fibonacci retracement level of the decline from the $120.58 high to $101.05 low. It opened the doors for more gains and the price spiked above the $110.00 resistance level, with a solid green candle.

However, buyers failed to surpass the 50 percent Fibonacci retracement level of the decline from the $120.58 high to $101.05 low. An intraday high was formed at $110.29 and the price started consolidating gains.

Ether Price Analysis Chart

Should Ether continue to move higher, it could trade toward the $112.00 resistance. The main hurdle for buyers is near the $115.00 level (the previous support).

Overall, there are a few bullish signs on both the 2-hour and 30-minute chart, but Ether must accelerate above $112.00 and $115.00 to start a fresh upward move. On the downside, the previous resistances at $108.00 and $106.00 could provide support.

Important Resistance Levels

$110.00 and $115.00

Important Support Levels

$108.00 and $106.00

2-hour RSI

The RSI is currently just near the 50 level.

2-hour MACD

The MACD is slowly gaining pace 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.