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Ethereum Price Forecast: Ether Approaching Crucial Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price seems to be preparing for the next move against the US dollar and bitcoin. ETH/USD could either climb above $140.00 or decline toward $130.00 in the coming sessions.

Key Highlights

Ether’s price is struggling near the key $138.00 and $140.00 resistances against the US dollar.
A crucial contracting triangle is in place with support at $135.50 on the 6-hour chart of ETH/USD.
ETH/BTC is trading with a flat structure above the 0.0340 BTC support level.

Technically, the hourly chart indicators are moving lower toward midlines in bullish territory.

Ether Price Analysis (ETH)

Recently, we saw a sharp decline in ETH/USD after it was rejected near the $140.00 resistance. The pair declined below the $135.00 support, tested the $132.00 support area, and later bounced back above $136.00. However, the pair is still facing a strong resistance near the $138.00 and $140.00 levels.

ETH/BTC also declined after it failed to stay above the 0.0350 BTC support. The pair is currently consolidating above the 0.0340 BTC support, but it is facing a lot of hurdles near the 0.0342 BTC and 0.0345 BTC resistances.

Ether Price Analysis Chart ETH

Starting with the hourly chart of ETH/USD, the pair bounced back from the $132.80 low and traded above the $135.00 and $136.00 resistance levels. There was also a break above the 50 percent Fibonacci retracement level of the drop from $139.98 to $132.80.

However, Ether faced a strong resistance near the $138.00 level and a bearish trendline on the same chart. Besides, the price failed to clear the 76.4 percent Fibonacci retracement level of the drop from $139.98 to $132.80.

Ethereum Price Analysis ETH Forecast

On the downside, there is a decent bullish trendline formed, with current support at $136.30. The next support is at $136.00, below which the price could revisit the $132.80 swing low. The 6-hour chart suggests there is a crucial contracting triangle in place, with support at $135.50.

Ether seems to be approaching the next key break either above $138.00 and $140.00 or below the $135.50 and $134.00 support levels. The next main support is at $130.00, where buyers are likely to emerge.

Important Resistance Levels

$138.00 and $140.00

Important Support Levels

$135.50 and $132.80

Hourly RSI

The RSI is moving lower toward the 50 level.

Hourly MACD

The MACD is currently reducing its bullish slope.

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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