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Ethereum Price Forecast: Ether Rebound Could Gain Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price rebounded recently from weekly lows against the US dollar and bitcoin. ETH/USD is showing positive signs and could gain momentum above the $135.00 resistance.

Key Highlights

Ether’s price traded to a new weekly low at $128.76 but later rebounded higher against the US dollar.
ETH/USD is facing a major resistance near $135.50 and a bearish trendline on the 2-hour chart.
ETH/BTC found support and corrected above the 0.0342BTC resistance.

Technically, the 2-hour chart indicators moved back sharply into bullish territory.

Ether Price Analysis (ETH)

Yesterday, we discussed the chances of a downside extension below $132.00 and $130.00 in ETH/USD. The pair did break the $130.00 support, but it found a strong buying interest and later corrected sharply higher above $132.00.

ETH/BTC also found a strong support near the 0.0340BTC level and bounced back recently. It broke the 0.0342BTC resistance, and it seems like it could surpass the 0.0345BTC resistance.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair declined sharply below the $132.00 and $130.00 support levels. A new weekly low was formed at $128.76 but the price later rebounded above the $130.00 and $132.00 levels.

Ether climbed above the $134.00 resistance and the 50 percent Fibonacci retracement level of the drop from the $139.00 swing high to $128.76 low. However, the price ran into major resistance near $135.50 and a bearish trendline on the same chart.

Additionally, the 61.8 percent Fibonacci retracement level of the drop from the $139.00 swing high to $128.76 low acted as a resistance near $135.00. The price is currently consolidating gains, and it seems like it could make another attempt to surpass the $135.00-135.50 resistance zone.

Ether Price Analysis Chart

Should Ether settle above $135.50, the price could gain bullish momentum toward the $138.00 or $140.00 resistance levels. The 30-minute chart of ETH/USD suggests that the pair may be forming a bullish flag pattern, with resistance near $135.00.

Therefore, a successful push above the $135.00 resistance will likely boost the market sentiment in the near term. On the downside, there are many supports such as $133.00, $132.00, and $130.00.

Important Resistance Levels

$135.00 and $138.00

Important Support Levels

$132.00 and $130.00

2-hour RSI

The RSI is currently just above the 50 level.

2-hour MACD

The MACD moved back 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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