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Ether Price Analysis
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ETH/USD Forecast: Ether Buyers Eyeing $120-125?





Ether broke higher and cleared many important hurdles against the US Dollar and Bitcoin. Going forward, ETH/USD may look for a test of $125.00.

Key Highlights

The ETH/BTC pair failed to capitalize on the recent bullish momentum compared with ETH/USD.
The ETH/USD pair extended yesterday’s bullish break and cleared a monster hurdle at $98.00-100.00.
The upside move was strong, as buyers were able to push the price to a new all-time high above $115.00.
The ETH/BTC pair failed to capitalize on the recent bullish momentum compared with ETH/USD.

Technically, the 4-hour chart indicators are moving higher in the bullish territory.

Ether Price Forms New All-time High

Ether finally broke the $90.00-98.00 consolidation box to the upside against the US Dollar, and rallied to rise above key psychological levels like $98.00 and $100.00.

Ether Price Technical Analysis

A new all-time high was formed above $115.00 at $117.29 in ETH/USD. The ETH/BTC pair also gained traction, but less when compared with ETH/USD. There was no new high in ETH/BTC, and it remained below 0.060BTC.

The market was seen trading with a risk-on attitude, while a selling tone behind the USD gathered speed. As a result, there was a solid upside move in Ether price with back to back bullish candles on the hourly chart.

There are two important resistance breaks visible on the chart - $92.00 and $98.00. It opened the doors for a sustained move above $100.00. The price broke all barriers and capitalized on the last bullish move.

ETH/USD traded towards $110.00 in the first leg where it faced tiny offers, consolidating for a couple of hours before started the second leg.

The pair is currently in its second leg, facing resistance just near $118.00. It might result in a minor dip or correction towards $110.00-112.00 before the pair starts a possible third leg, which can end anywhere above $120.00-130.00 mark.

Ethereum ETH USD Forecast

Looking at the 4-hour chart of ETH/USD, there is a clear upside break above $98.00, signaling a new bullish setup for Ether price in the near term.

We can continue to see gains in Ether today as long as the price stays above $110.00-108.00.

Important Resistance Levels

$118.00 and $125.00

Important Support Levels

$110.00 and $108.00

4-hour RSI

The RSI is heading higher and currently well above 65 level.

4-hour MACD

The MACD is now strongly 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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