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Ethereum Price Forecast: Ether Holding Key Uptrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained bullish momentum above key levels against the US dollar and bitcoin. ETH/USD is currently trading above a major uptrend support and could bounce back.

Key Highlights

Ether’s price climbed higher and broke the $146.00 level before correcting lower against the US dollar.
A crucial support is formed near $140.00 on the 6-hour chart of ETH/USD.
ETH/BTC also extended gains above the 0.0345 BTC resistance level.

Technically, the 6-hour chart indicators are placed nicely in bullish territory.

Ether Price Analysis (ETH)

Yesterday, we saw a crucial bullish break above the $140.00 resistance in ETH/USD. The pair moved into a decent uptrend and later extended gains above the $142.50 and $145.00 resistance levels.

There were also positive moves in ETH/BTC above the 0.0342 BTC support. The pair climbed higher and broke the 0.0345 BTC resistance level. The next key resistance for Ether buyers is near the 0.0350 BTC area.

Ether Price Ethereum ETH

The 6-hour chart of ETH/USD suggests a decent uptrend from the $131.91 swing low. The pair climbed above the $135.00 resistance area in the first wave and later consolidated. Finally, Ether’s price broke the $140.00 resistance level and the 61.8 percent Fibonacci retracement level of the drop from the $145.16 high to $131.91 low.

The price settled above the $140.00 resistance level and even surpassed the $145.16 swing high. A new weekly high was formed at $146.60; recently, the price corrected lower.

On the downside, there is a crucial support formed near $140.00 and a bullish trendline on the same chart. Therefore, if the price corrects lower further, Ether buyers are likely to appear near the $140.00 support.

Ethereum Price Analysis

Moving down to the hourly chart of ETH/USD, the pair started a downside correction from the $146.60 high. It traded below the $144.00 level and tested the $142.00 support area (the previous resistance).

The price is currently trading nicely above the $142.00 support area, and it seems like Ether could resume its rise above the $145.00 and $146.60 levels. Conversely, a break below the $142.00 support might push the price toward the $140.00 support area.

Important Resistance Levels

$145.00 and $146.60

Important Support Levels

$142.00 and $140.00

Hourly RSI

The RSI is holding the 50 level.

Hourly MACD

The MACD is about to move back 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.