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Ethereum Price Forecast: Ether Forming Bullish Breakout Pattern

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price bounced back after a sharp decline against the US dollar. ETH/USD is back above the $135.00 support, but it is still struggling near the $140.00 resistance area.

Key Highlights

Ether’s price dipped sharply below $135.00 and later bounced back against the US dollar.
ETH/USD seems to be forming an inverse head-and-shoulders pattern on the 6-hour chart.
ETH/BTC declined below the 0.0350BTC support and could test the 0.0345BTC support.

Technically, the 6-hour chart indicators are about to move into bullish territory.

Ether Price Analysis (ETH)

Yesterday, we saw a crucial range pattern with support near $136.00 and $135.00. The pair failed to gain momentum above the $140.00 resistance and declined sharply. However, the $132.00 support acted as a strong barrier, resulting in a significant reversal above $135.00.

ETH/BTC struggled and declined below the 0.0350BTC support level. The pair is currently under pressure, and it seems like it could continue to move down toward the 0.0345BTC support level.

Ether Price Analysis Chart

Starting with the hourly chart of ETH/USD, the pair failed to climb above the $140.00 resistance and declined sharply. Sellers pushed the price below the $136.00 and $135.00 support levels, with back-to-back strong red candles.

However, Ether buyers protected the $132.00 support and the price bounced sharply above the $135.00 level after forming a low at $131.35. The recent bounce was significant as the price settled above $136.00 and the 61.8 percent Fibonacci retracement level of the decline from the $140.00 swing high to $131.35 low.

To the upside, a crucial bearish trendline, with current resistance at $139.00 is acting as a barrier for buyers. Should Ether break above the trendline and the $140.00 resistance, there could be strong upward move.

Ethereum Price Analysis ETH Forecast

The 6-hour chart of ETH/USD suggests that the pair might be forming an inverse head-and-shoulders pattern, with the neckline resistance at $140.00. Therefore, a successful close above $140.00 could accelerate gains in the near term.

The current price action is positive; Ether is likely to climb above $139.00 and $140.00 as long as the price is above the $135.00 support level.

Important Resistance Levels

$139.00 and $140.00

Important Support Levels

$136.00 and $135.00

Hourly RSI

The RSI is moving lower from the 70 level.

Hourly MACD

The MACD is placed nicely 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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