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Ethereum Price Forecast: Ether Rally Unwinds But Not Over

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price rallied sharply above key resistances against the US dollar and bitcoin. ETH/USD is currently correcting gains, but it remains well-supported above $122.00.

Key Highlights

Ether’s price spiked higher and broke the $126.50 and $130.00 resistance levels against the US dollar.
ETH/USD seems to be following an ascending channel with support at $122.00 on the 6-hour chart.
ETH/BTC pumped above the 0.0340BTC and 0.0350BTC resistance levels.

Technically, the 6-hour chart indicators are gaining pace in bullish territory.

Ether Price Weekly Analysis (ETH)

In yesterday’s analysis, we discussed the chances of ETH/USD hitting the $130.00 resistance. The pair did move higher, breaking the $126.50 resistance, and spiked above $130.00 before sellers appeared near $133.00.

ETH/BTC also gained bullish momentum above the 0.0340BTC resistance levels. The pair broke the 0.0345BTC and 0.0350BTC resistance levels. A new monthly high was formed near 0.0353BTC before the price corrected below 0.0350BTC.

Ethereum Price Forecast Analysis ETH

Let’s look at the 6-hour chart of ETH/USD to understand the recent trend and upward move above the $130.00 resistance. Clearly, there was a strong support base formed near the $120.00 level; finally, Ether buyers took control.

The price rallied above the $124.00 resistance and a bearish trendline. It opened the doors for more gains and the price surged above the $126.50 and $130.00 resistance levels. A new monthly high was formed at $132.78 and later the price started a sharp downside correction.

To the downside, there are many supports near the $122.00 and $120.00 levels. There is also a crucial ascending channel in place, with support at $122.00 on the same chart. Should Ether fail to stay above $120.00, the price could drop toward the $115.00 and $112.00 support levels.

Ether Price Analysis Chart

On the flip side, a successful break above $130.00 and follow-through above $132.78 might spark more upsides toward the $135.00 and $140.00 resistance levels. The hourly chart of ETH/USD suggests that the pair was rejected near the $132.80 level.

The current price action is slightly bearish on the hourly chart, but there is a strong support formed near $125.00 and a bullish trendline, with support at $123.50. Overall, it seems like Ether is correcting gains, but the $125.00 and $122.00 support levels will most likely prevent a bearish break in the coming sessions.

Weekly Resistance Levels

$130.00 and $132.80

Weekly Support Levels

$122.00 and $120.00

6-hour RSI

The RSI is placed well above the 60 level.

6-hour MACD

The MACD is gaining 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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