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Ethereum Price Forecast: Ether Gaining Upward Traction

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price surged higher with bullish moves against the US dollar and bitcoin. ETH/USD could correct a few points before a fresh upward move toward $125.00 and $130.00.

Key Highlights

Ether’s price rallied and broke the $115.00 and $120.00 resistance levels against the US dollar.
ETH/USD is trading inside a consolidation pattern with resistance at $120.20 on the hourly chart.
ETH/BTC extended gains and moved past the 0.0320BTC resistance zone.

Technically, the hourly chart indicators are currently consolidating in the overbought zone.

Ether Price Analysis (ETH)

Yesterday, we saw a convincing bullish break in ETH/USD above the $110.00 resistance area. Later, the pair gained bullish momentum and traded above the $115.00 and $120.00 resistance levels.

ETH/BTC also surged higher and broke the 0.0315BTC and 0.0320BTC resistance levels. The pair is currently trading well above the 0.0325BTC level, with immediate resistances at 0.0328BTC and 0.0330BTC.

Ether Price Analysis ETH

The hourly chart of ETH/USD suggests a massive upward move above the $110.00 and $115.00 resistance levels. It traded above the $120.00 level and formed a new weekly high at $123.15. Later, the pair started consolidating gains and corrected below the $121.00 and $120.00 levels.

Ether tested the $118.00 support and the 23.6 percent Fibonacci retracement level of the recent upward move from the $101.40 low to $123.15 high. More importantly, there is a consolidation pattern formed, with resistance at $120.20 on the same chart.

A successful close above the $120.00 and $122.00 resistance levels could open the doors for further gains toward the $125.00 and $130.00 levels in the near term.

Ethereum Price Analysis Chart

Moving up to the 6-hour chart of ETH/USD, the pair formed a large green candle above the $110.00 resistance. There are many bullish signs visible on the chart, suggesting a positive change in the market sentiment above $115.00.

In the short term, there could be range moves or a downside correction toward the $118.00 or $115.00 support levels. However, Ether’s price is likely to remain well supported as long as it stays above the $110.00 pivot level.

Important Resistance Levels

$120.00 and $122.00

Important Support Levels

$118.00 and $115.00

Hourly RSI

The RSI is currently in the overbought zone.

Hourly MACD

The MACD is placed heavily 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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