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Ethereum Price Forecast: Ether Sighting Bullish Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading above important supports against the US dollar and bitcoin. ETH/USD is likely to clear the $140.00 barrier as long as it is above $135.00.

Key Highlights

Ether’s price is holding the key $135.00 support with positive moves against the US dollar.
A significant bullish trendline is formed with support near $135.50 on the 12-hour chart of ETH/USD.
ETH/BTC seems to be struggling to gain traction above 0.0342 BTC and 0.0344 BTC.

Technically, the 12-hour chart indicators are slowly moving higher toward midlines in bearish territory.

Ether Price Weekly Analysis (ETH)

This past week, there were a few bearish moves in ETH/USD after it failed to settle above the $140.00 resistance. There was a sharp decline below the $135.00 support, but the pair recovered nicely after trading as low as $132.80.

ETH/BTC also declined in the past few days below the 0.0350 BTC and 0.0345 BTC support levels. The pair tested the 0.0340 BTC support level and is currently consolidating near the 0.0342 BTC level.

Ethereum Price Analysis ETH Forecast

Let’s look at the 12-hour chart of ETH/USD to understand the recent decline and the importance of the $135.00 support area. The pair spiked above the $140.00 resistance level, but it failed to hold gains. It settled below $140.00 and slowly declined below the $138.00 level.

It seems like Ether was rejected near the 50 percent Fibonacci retracement level of the drop from the $167.41 high to $123.33 low. Sellers pushed the price below the $135.00 support recently, but ETH bounced back sharply after trading as low as $132.80.

There is a significant bullish trendline formed, with current support near $135.50 on the same chart. Should Ether settle below the trendline, it could test the next key support at $130.00.

Ether Price Analysis Chart

To the topside, the main resistance is near the $140.00 level. A daily close above the $139.00 and $140.00 resistance levels is likely to open the doors for more upsides in the coming sessions. Moving down to the 2-hour chart, ETH/USD is facing a strong resistance near $137.50 and a bearish trendline.

If Ether’s price continues to struggle near the $137.50, $139.00, and $140.00 resistance levels, there could be a strong bearish reaction. Conversely, there are high chances of an upside break above $140.00 as long as the price is above $135.00.

Weekly Resistance Levels

$140.00 and $145.00

Weekly Support Levels

$135.00 and $130.00

12-hour RSI

The RSI is moving higher toward the 45 level.

12-hour MACD

The MACD could move into 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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