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Ethereum Price Forecast: Ether Could Keep Rising, Downsides Limited

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is placed nicely in an uptrend against the US dollar and bitcoin. ETH/USD could continue to rise toward $130.00, and dips remain well-supported on the downside.

Key Highlights

Ether’s price spiked above the $125.00 resistance and later corrected gains against the US dollar.
A connecting bullish trendline is formed with support at $121.00 on the 30-minute chart of ETH/USD.
ETH/BTC extended gains and broke the 0.0328BTC and 0.0330BTC resistance levels.

Technically, the 2-hour chart indicators are gaining strength in bullish territory.

Ether Price Analysis (ETH)

After a minor dip, ETH/USD rallied above the $123.15 high and broke the $125.00 resistance level. The pair traded to a new high at $126.06 and later corrected lower below $122.00.

ETH/BTC gained a solid bullish momentum and traded above the 0.0328BTC and 0.0330BTC resistance levels. The pair is now placed nicely above 0.0332BTC, with chances of a short-term downside correction toward 0.0330BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, there is a clear bullish trend in place above the $115.00 and $117.00 support levels. The recent decline found support near $120.00 and it seems like the pair is preparing for a fresh upward move in the near term.

To the topside, there is a connecting resistance trendline formed at $127.00, above which the price is likely to climb toward the $130.00 and $132.00 levels.

Dropping down to the 30-minute chart of ETH/USD, the pair is trading nicely above the $120.00 support and a connecting bullish trendline, with support at $121.00. Additionally, the 50 percent Fibonacci retracement level of the recent wave from the $116.33 low to $126.06 is also near $120.00.

Ether Price Analysis Chart

To initiate a fresh rally, Ether’s price needs to gain pace above the $123.00 level and a short-term bearish trendline. The next stop for buyers could be $127.00, followed by $130.00 and $132.00.

On the flip side, if there is an extended downside correction below the $120.00 support, ETH may test the $117.00 or even $115.00 support zone. 

Important Resistance Levels

$123.00 and $127.00

Important Support Levels

$120.00 and $117.00

2-hour RSI

The RSI is currently placed nicely above the 60 level.

2-hour MACD

The MACD is showing a lot of positive signs 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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