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Ethereum Price Forecast: Ether Eyeing Last Line of Defense

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is moving closer to the next crucial break against the US dollar and bitcoin. ETH/USD could either rally above the $140.00 resistance or retest the $135.00 support.

Key Highlights

Ether’s price is facing strong resistance near $140.00 against the US dollar.
A strong support is formed near $135.00 and a major bullish trendline on the 6-hour chart of ETH/USD.
ETH/BTC is consolidating above the 0.0345BTC support and could recover in the short term.

Technically, the 6-hour chart indicators are currently flat just below midlines in bearish territory.

Ether Price Analysis (ETH)

Recently, ETH/USD started a downside correction after trading to a new monthly high of $145.16. The pair declined below the $142.50 support and settled below the $140.00 pivot level (now resistance).

ETH/BTC also declined recently below 0.0350BTC and tested the key 0.0345BTC support. The pair is currently consolidating and seems to be preparing for an upward move toward the 0.0350BTC resistance.

Ethereum Price Analysis ETH Forecast

Starting with the 6-hour chart of ETH/USD, the pair topped out at $145.16 and later corrected lower. It traded below the $140.00 support and tested the $137.00 support area. However, the main support is near the $135.00 level (the previous resistance).

Additionally, there is a crucial bullish trendline formed, with support at $134.00 on the same chart. Therefore, if Ether declines further, it is likely to find a strong buying interest near the $135.00 and $134.00 support levels.

Moving down to the 2-hour chart of ETH/USD, the pair is currently consolidating above the $137.00 support and the 50 percent Fibonacci retracement level of the upward move from the $130.17 low to $145.16 high.

Ether Price Analysis Chart

To the upside, there is a significant bearish trendline in place, with resistance at $138.50. Therefore, a successful close above the trendline could open the doors for a fresh upward move above the $140.00 resistance level. The next key resistances are near $142.50 and $144.00.

On the flip side, if Ether fails to break the $138.50 or $140.00 resistance, it may break the $137.00 support and trade toward the $135.00 and $134.00 support levels.

Important Resistance Levels

$138.50 and $140.00

Important Support Levels

$137.00 and $135.00

6-hour RSI

The RSI is slowly correcting higher toward the 50 level.

6-hour MACD

The MACD is currently flat in the bearish 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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