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Ethereum Price Forecast: Ether Bracing For Next Break





Ether’s price is trading within a range against the US dollar and bitcoin. ETH/USD seems to be preparing for the next move either above $123.00 or toward $116.00.

Key Highlights

Ether’s price is trading in a tight range above the $120.00 and $118.00 levels against the US dollar.
ETH/USD traded above a connecting bearish trendline with resistance at $120.20 on the 2-hour chart.
ETH/BTC is consolidating gains well above the 0.0330BTC support level.

Technically, the 2-hour chart indicators are losing momentum in bullish territory.

Ether Price Analysis (ETH)

After trading to a new monthly high at $126.06, ETH/USD corrected lower. The pair declined below $122.00 and $120.00, but it found a solid buying interest just above the $118.00 level and later recovered above $120.00.

ETH/BTC traded in a range and consolidated gains above the 0.0330BTC and 0.0332BTC support levels. The pair could continue to consolidate before the next move, either toward 0.0350BTC or below 0.0330BTC.

Ethereum Price Analysis ETH

The 2-hour chart of ETH/USD suggests that the pair was rejected near the $126.00 area. It declined sharply, but the $118.00 and $120.00 levels acted as decent supports. Additionally, the 23.6 percent Fibonacci retracement level of the upward move from the $101.40 low to $126.06 high also acted as a support.

Ether rebounded and traded above a connecting bearish trendline, with resistance at $120.20. However, buyers struggled to gain bullish momentum above $122.00 and upsides remained capped.

To the downside, there are supports near $120.00 and there is a bullish trendline. The main support is just above $116.00, below which there is a risk of an extended drop to the 50 percent Fibonacci retracement level of the upward move from the $101.40 low to $126.06 high or $110.00.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair is placed nicely above the $120.00 support, but it seems to be facing a lot of hurdles near $122.00 and $123.00.

Therefore, Ether’s price seems to be bracing for the next break either above $123.00 or toward the $116.00 support area in the coming sessions. 

Important Resistance Levels

$123.00 and $126.00

Important Support Levels

$120.00 and $116.00

2-hour RSI

The RSI is currently just above the 50 level.

2-hour MACD

The MACD is showing signs of weakness 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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