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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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