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Ethereum Price Forecast: Ether Struggling Near $150, But More Gains Likely

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price extended gains against the US dollar while it corrected lower versus bitcoin. ETH/USD is struggling to clear $150.00 and could correct lower before rallying toward $160.00.

Key Highlights

Ether’s price surged higher and tested the key $150.00 resistance against the US dollar.
A key bullish trendline is in place with support at $147.20 on the 30-minute chart of ETH/USD.
ETH/BTC corrected lower and traded below the 0.0375BTC support.

Technically, the 2-hour chart indicators have reached the extreme over-bought zone in bullish territory.

Ether Price Analysis (ETH)

Yesterday, we saw a strong upward move in ETH/USD above the $140.00 resistance level. The pair traded toward the $150.00 resistance, where sellers emerged and the price started consolidating gains.

On the other hand, ETH/BTC started a downside correction from well above 0.0380BTC. The pair broke the 0.0380BTC and 0.0375BTC support levels. The next key support is near the 0.0368BTC and 0.0365BTC levels.

Ethereum Price Analysis ETH Forecast

Looking at the 2-hour chart of ETH/USD, there was a strong rise above the $132.00 and $140.00 resistance levels. The pair even broke the $145.00 resistance and spiked above the key hurdle at $150.00. A new monthly high was formed at $150.88, and later the price started consolidating gains.

It seems like there is a new breakout pattern formed, with resistance near the $152.00 level. Should Ether trade above the $150.00 and $152.00 resistance levels, the next stop could be the $160.00 resistance or the $163.57 high (formed on January 06, 2019).

On the flip side, a bearish break below the $147.00 support could trigger a short-term downside correction. The main support is near the $140.00 level or the 23.6 percent Fibonacci retracement level of the move from the $120.78 low to $150.88 high at $142.50.

Ether Price Analysis Chart

The 30-minute chart of ETH/USD suggests that the pair is following a key bullish trendline, with support at $147.20. If sellers gain pace below $147.20 and $147.00, Ether’s price might decline toward the $142.50 support.

To sum up, there are a few bearish signs on the 30-minute chart, but as long as Ether is trading above the $140.00 pivot level, it is likely to bounce back and break the $150.00 and $152.00 resistance levels.

2-hour MACD

The MACD is slowly losing momentum in the bullish zone.

2-hour RSI

The RSI is correcting lower from the over-bought zone.

Important Support Levels

$147.00 and $142.50

Important Resistance Levels

$148.00 and $150.00

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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