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Ethereum Price Forecast: Ether Continues To Probe Key Hurdles

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is facing an uphill task versus the US dollar, whereas it corrected lower versus bitcoin. ETH/USD could correct lower if it continues to fail near $140.00.

Key Highlights

Ether’s price is struggling to clear the $139.00 and $140.00 resistances against the US dollar.
A significant support is formed near $135.00 and a bullish trendline on the 6-hour chart of ETH/USD.
ETH/BTC corrected lower and traded toward the 0.0400 BTC support level.

Technically, the 6-hour chart indicators are slightly negative in bearish territory.

Ether Price Analysis (ETH)

After yesterday’s rebound, there was a fresh increase in ETH/USD above the $139.00 resistance. The pair traded to a new weekly high near $140.00, but buyers failed to gain strength and the pair corrected lower.

ETH/BTC faced an increase in selling pressure in the three sessions due to bitcoin’s rise toward $4,050.00. The pair corrected lower below 0.0345 BTC and traded close to the 0.0340 BTC support.

Ethereum Price Analysis ETH Forecast

Starting with the 6-hour chart of ETH/USD, the pair rallied nicely from the $130.00 support and tested the $145.00 resistance. Later, there was a downside correction below the $142.00 and $140.00 supports. The price even traded below the $138.00 support and the 50 percent Fibonacci retracement level of the move from the $130.16 low to $145.16 high.

However, losses were protected by the $137.00 support; later, the price started a short-term consolidation. On the upside, an initial hurdle for Ether buyers is near $140.00, followed by $142.00. The main resistance is near the $145.00 level.

On the downside, there is a significant support formed near $135.00 and a bullish trendline on the same chart. Therefore, if there is a downside extension, the $135.00 support area could act as a strong buy zone.

Ether Price Analysis Chart

The 30-minute chart of ETH/USD suggests that the pair failed to surpass the $140.00 resistance and recently started a downside correction. It broke the $138.50 support and a contracting triangle support.

Overall, there are many supports near $137.00, $136.00, and $135.00. In the short term, there might be a bearish correction, but Ether is likely to bounce back hard.

Important Resistance Levels

$140.00 and $142.00

Important Support Levels

$137.00 and $135.00

6-hour RSI

The RSI is currently near the 40 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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