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Ethereum Price Forecast: Dips In Ether Remain Attractive

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained momentum and traded to new monthly highs against the US dollar and bitcoin. ETH/USD could correct lower, but the $120.00 support is likely to hold losses.

Key Highlights

Ether’s price traded to a new monthly high at $126.59 and later corrected lower against the US dollar.
ETH/USD remains supported above $120.00 and a bullish trendline on the 2-hour chart.
ETH/BTC extended gains above the 0.0335BTC and 0.0340BTC resistances.

Technically, the 2-hour chart indicators are moving lower in bullish territory.

Ether Price Analysis (ETH)

After forming a strong support at $120.00, ETH/USD jumped above the $123.00 and $125.00 resistance levels. The pair even broke the $126.06 high and traded to a new monthly high at $126.59 before starting a downside correction.

ETH/BTC gained bullish momentum and broke the 0.0335BTC and 0.0340BTC resistances. A new monthly high was formed at 0.0344BTC; later, the pair corrected below the 0.0340BTC support. The next supports are at 0.0338BTC and 0.0335BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, there was a slow and steady rise from the $120.00 support. However, the pair failed to hold gains above the $126.00 level and corrected sharply lower below $125.00. The candle formed at $126.59 suggests a short-term bearish pattern.

Ether dipped below the $123.00 level and the 50 percent Fibonacci retracement level of the recent move from the $119.74 low to $126.59 high. However, there is a strong support formed near $120.00 and a bullish trendline on the same chart.

A bearish break below the $120.00 support could start an extended downside correction toward the $115.00 support in the near term. The 30-minute chart of ETH/USD suggests there are many supports, starting with $122.00 and the 61.8 percent Fibonacci retracement level of the recent move from the $119.74 low to $126.59 high.

Ether Price Analysis Chart

Recently, there was a break below a connecting bullish trendline at $123.80, but dips toward the $122.00 and $120.00 supports are likely to find strong buying interest.

Overall, according to the 2-hour chart, the bullish case is strong as ETH price surpassed a bullish 20 SMA, and a solid support is formed near $120.00. To the topside, the key resistances are $124.00, $126.50, and $130.00.

Important Resistance Levels

$124.00 and $126.50

Important Support Levels

$122.00 and $120.00

2-hour RSI

The RSI is currently moving lower toward the 55 level.

2-hour MACD

The MACD is slowly losing momentum 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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