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Ethereum Price Forecast: Ether Remains Buy On Dips

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is trading nicely in a bullish zone against the US dollar and bitcoin. ETH/USD is currently correcting lower, but it remains supported on dips near $140.00 and $135.00.

Key Highlights

Ether’s price formed a top at $146.60 and corrected lower against the US dollar.
A major ascending channel seems to be forming, with support at $135.00 on the 12-hour chart of ETH/USD.
ETH/BTC is currently consolidating above the 0.0345 BTC support area.

Technically, the 12-hour chart indicators are currently flat above midlines in bullish territory.

Ether Price Weekly Analysis (ETH)

This past week, there was a sharp rise in ETH/USD after it formed a solid support base near $130.00 and $132.00. The pair gained bullish momentum, broke the $135.00 barrier, and settled above the $140.00 level.

ETH/BTC rallied above the 0.0345 BTC and 0.0350 BTC resistance levels. Later, the pair started a downside correction. Ether is currently consolidating above the 0.0345 BTC support area. On the downside, the main support is near the 0.0340 BTC level.

Ethereum Price Analysis ETH Forecast

Let’s look at the 12-hour chart to understand the recent rise in ETH/USD above the $140.00 resistance level. The pair even climbed above the $145.00 level and formed a new monthly high at $146.60. Ether seems to be trading in a positive zone above the $140.00 and $135.00 support levels.

There is also a major ascending channel in place, with support at $135.00 on the same chart. Therefore, if the price continues to correct lower, it could find a strong buying interest near $135.00.

On the upside, the $145.00 area is an initial hurdle for buyers, followed by the channel resistance near the $150.00 level. Moving down to the 2-hour chart of ETH/USD, the pair moved below a couple of bullish trendlines near $142.50 to enter a short-term bearish zone.

Ether Price Analysis Chart

Ether’s price recently tested the $141.00 support and the 38.2 percent Fibonacci retracement level of the wave from the $131.91 low to $146.60 high. Buyers need to protect the $140.00 support area. If not, there is a risk of a downside extension toward the $135.00 support area.

Overall, Ether seems to be following a decent uptrend and could climb toward $145.00 and $150.00. Conversely, a break below the $135.00 support may spark a fresh decline in the near term.

Weekly Resistance Levels

$145.00 and $150.00

Weekly Support Levels

$140.00 and $135.00

12-hour RSI

The RSI is moving lower toward the 50 level.

12-hour MACD

The MACD is slightly placed in 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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