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Ethereum Price Forecast: Ether Primed For Liftoff

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading with bullish moves against the US dollar and bitcoin. ETH/USD is likely to accelerate higher once it breaks the $124.00 and $126.00 resistance levels.

Key Highlights

Ether’s price stayed above the $120.00 support and later rebounded against the US dollar.
ETH/USD is forming a key triangle with resistance near $124.00 on the 6-hour chart.
ETH/BTC is likely to accelerate above the 0.0340BTC resistance level in the near term.

Technically, the 6-hour chart indicators are placed nicely in bullish territory.

Ether Price Analysis (ETH)

After an extended downside correction, ETH/USD tested the $120.00 support area. Buyers protected a bearish break; later, the pair rebounded above the $121.00 and $122.00 levels.

ETH/BTC remained well-bid above the 0.0350BTC support and it climbed above 0.0380BTC. It seems like the pair is preparing for an upside break above the 0.0340BTC and 0.0342BTC resistance levels.

Ethereum Price Analysis ETH

Starting with the 6-hour chart of ETH/USD, there was a solid upward move from the $102.00 support area. The pair rallied above the $110.00 and $115.00 resistance levels. There was a clear break above the $120.00 level and Ether traded as high as $126.59.

Later, the pair started a downside correction below $122.00, with consolidation moves. It seems like there is a key triangle in place, with current resistance near $124.00. Should Ether trade above the triangle resistance, the price could rally above the $126.59 high and the $128.00 resistance.

On the other hand, if there is a downside break below the triangle and the $120.00 support, the price will most likely extend the downside correction. The next major support is near $115.00 and the 50 percent Fibonacci retracement level of the upward move from the $101.05 low to $126.59 high.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, there are a few bearish signs below the $125.00 level. Having said that, there is a new bullish trendline forming, with support at $121.00.

Overall, it seems like the $120.00 and $121.00 support levels are significant. As long as ETH/USD is trading above $120.00, there is a high chance of an upside break above $124.00 and $126.50.

Important Resistance Levels

$124.00 and $126.50

Important Support Levels

$121.00 and $120.00

6-hour RSI

The RSI is currently near the 55 level.

6-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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