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Ether Price Analysis
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ETH/USD Forecast: New Highs, Rally to Continue





Ether was bought aggressively against the US Dollar and Bitcoin. New all-time high was formed in ETH/USD, and more upsides are likely.

Key Highlights

The ETH/USD pair rocketed higher and moved above yesterday’s target of $125.00.
The 2-hour chart is not showing any sign of trend exhaustion, suggesting more upsides in the near term.
The ETH/BTC pair gained traction and was able to move above 0.060BTC.

Technically, the 2-hour chart indicators are reaching overbought levels, but with no sign of a major correction.

Ether Price Forms New All-time High

Ether ran up sharply and broke many important resistance levels against both majors – US Dollar and Bitcoin. ETH/USD surpassed $118.00 and traded above the $130.00 level to complete a solid bullish wave structure.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair rocketed higher and was able to form a new all-time high above 0.062BTC, overcoming the possibility of a divergence formation.

Yesterday, we saw a three-wave pattern in ETH/USD. As the second leg was completed, a third leg pushed above $130, setting a new all-time high at $134.13.

The pair is currently correcting lower, facing offers near $126.00. It already broke a major bullish trend line at $130.00, signaling the start of a short-term correction.

It may soon test an initial support at $122.00, which is also near the 23.6% Fibonacci retracement level of the last wave from the $108.00 swing low to $134.00 high.

The next supports on the downside are at $118.00 and $108.00, with the latter serving as the most important support, coinciding with the 50% Fibonacci retracement level of the last wave from the $89.00 low to $134.00 high.

Ethereum ETH USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a crucial ascending channel pattern with support at $125.00. As long as the pair stays above $124.00-122.00, there can be a move towards $134.00 or above it.

If there is a break below $122.00, there can be an extension the current correction towards $108.00. The overall trend is bullish with chances of a few short-term corrective moves.

Important Resistance Levels

$134.00 and $141.00

Important Support Levels

$122.00 and $118.00

2-hour RSI

The RSI is heading into the overbought levels.

2-hour MACD

The MACD is super bullish with no sign of a correction.

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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