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Ethereum Price Forecast: Ether’s Upside Potential Limited

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is trading in a tight range against the US dollar and bitcoin. ETH/USD could continue to struggle as long as it is below the $111.50 resistance.

Key Highlights

Ether’s price is facing key resistance near $108.00 and $111.50 against the US dollar.
A major bullish trendline is formed with support at $105.50 on the 2-hour chart of ETH/USD.
ETH/BTC is slowly moving higher toward the 0.0314BTC and 0.0315BTC levels.

Technically, the 2-hour chart indicators are back below midlines in bearish territory.

Ether Price Analysis

Recently, ETH/USD buyers made another attempt to surpass the $108.00 and $110.00 resistance levels. However, they failed to gain momentum, resulting in a fresh bearish wave.

ETH/BTC remained above the 0.0310BTC support and is currently climbing higher. An immediate resistance is at 0.0314BTC, followed by 0.0315BTC and 0.0318BTC. If there is a downside correction, the 0.0308BTC support could prevent losses.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair started a major downward move after it failed near the $111.00 resistance level. A high was formed at $111.47, and the price declined below the $108.00 support.

Ether even traded below the 50 percent Fibonacci retracement level of the upward move from the $104.07 low to $111.47 high. However, the $105.00 level and a major bullish trendline with current support at $105.50 prevented further losses.

The price recovered above $107.00, but it failed to gain momentum above the $108.00 resistance. The most important resistance is near $111.00 and $111.50, above which buyers are likely to gain strength in the near term.

Ether Price Analysis Chart

On the flip side, a downside break below the trendline support and $105.00 could trigger a nasty drop toward the $101.05 low or $100.00. Moving down to the 30-minute chart of ETH/USD, there is a strong resistance formed near the $108.20 level and a bearish trendline.

In the short term, a convincing break above $108.00 and follow-through above $108.20 might open the doors for a test of the $111.50 resistance. Conversely, a clear break below $106.00 and $105.00 could spark bearish moves in the coming sessions.

Important Resistance Levels

$108.20 and $111.50

Important Support Levels

$106.00 and $105.00

2-hour RSI

The RSI is currently flat near the 40 level.

2-hour MACD

The MACD is losing momentum in the bearish 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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