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Ethereum Price Forecast: Ether Trading Near Crucial Juncture

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price fell significantly toward key supports against the US dollar and bitcoin. ETH/USD bounced back, but it must trade above the $138.00 and $140.00 resistance levels.

Key Highlights

Ether’s price declined sharply toward $132.00 and later rebounded above $135.00 against the US dollar.
ETH/USD stayed above a crucial bullish trendline with support at $135.00 on the 6-hour chart.
ETH/BTC is currently consolidating gains above the 0.0340 BTC support level.

Technically, the 2-hour chart indicators are about to move into bullish territory.

Ether Price Analysis (ETH)

Yesterday, we discussed a few important supports for ETH/USD near $137.00, $136.00, and $135.00. The pair failed to clear the $140.00 resistance, declined sharply toward $132.00, and later bounced back above $135.00.

ETH/BTC tested the 0.0340 BTC support level and later corrected higher. The pair is currently trading near 0.0342 BTC and may continue to rise toward 0.0345 BTC in the near term.

Ethereum Price Analysis ETH Forecast

Looking at the 6-hour chart of ETH/USD, the pair failed near a major resistance at $140.00 and a bearish trendline, resulting in a sharp decline. The pair broke the $136.00 and $135.00 support levels, but it found a strong buying interest near a crucial bullish trendline, with current support at $135.00.

There was no 6-hour close below the trendline and Ether bounced back above $135.00 and $136.00. To the topside, there are many hurdles for buyers near $137.50, $138.00, $139.00, and $140.00.

The 6-hour chart suggests the price is approaching the next key break either above $138.00 and $140.00 or below the trendline support and $132.00. Moving down to the 2-hour chart, ETH/USD corrected higher after trading as low as $132.80.

Ether Price Analysis Chart

However, it is trading near the previous support at $137.00, above which the price may face resistance near a connecting bearish trendline. Overall, Ether rebounded with a positive bias, but it is still facing a strong resistance near the $138.00 and $140.00 levels. On the downside, an initial support is at $135.00, below which the price might trade toward the $130.00 support.

2-hour MACD

The MACD moved back into the bullish zone.

2-hour RSI

The RSI recovered nicely above the 40 level and is currently near 50.

Important Support Levels

$135.00 and $132.00

Important Resistance Levels

$138.00 and $140.00

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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