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Ethereum Price Forecast: Ether Rebound Could Accelerate Above $120

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price rebounded sharply against the US dollar while remaining in range versus bitcoin. ETH/USD is now facing a tough challenge near the $125.00 resistance.

Key Highlights

Ether sellers failed to push the price below $100.00 against the US dollar.
ETH/USD rallied and broke above a major bearish trendline with resistance at $110.00 on the 2-hour chart.
ETH/BTC traded in a range and consolidated above the 0.0280BTC support area.

Technically, the 2-hour chart indicators climbed sharply higher in bullish territory.

Ether Price Analysis

Yesterday, we discussed a possible bearish break below the $100.00 support if buyers failed to push ETH/USD above $110.00. The pair stayed above the $101.09 low and bounced above the $110.00 and $115.00 resistance levels.

ETH/BTC remained in a range above the 0.0280BTC support area. The pair seems to be setting up for an upward move if buyers succeed in pushing the price above the 0.0285BTC resistance level.

Ethereum Price ETH Analysis

Starting with the 2-hour chart of ETH/USD, the pair formed a solid support just above $101.00 and started an upward move. Ether climbed higher and broke many resistances, including $105.00, $108.00, $110.00, and $115.00.

More importantly, the pair surged above a major bearish trendline with resistance at $110.00, opening the door for more gains. The price also traded above the 50 percent Fibonacci retracement level of the drop from the $138.79 swing high to $101.09 low.

ETH/USD is now trading near a crucial resistance at $120.00-121.00. Should there be a 2-hour close above $121.00, the price could climb further higher toward the $128.00 or $130.00 resistance level.

Ether Price Analysis Chart

An intermediate resistance is the 61.8 percent Fibonacci retracement level of the drop and $124.00. Moving down to the 30-minute chart, the price is clearly following a positive path and a bullish trendline, with current support at $116.00.

If there is a downside correction, Ether’s price will most likely find a strong support near $116.00 and $115.00. The current price action indicates a bullish bias above $115.00, but a failure to climb above $120.00 and $121.00 could result in a fresh bearish reaction.

Important Resistance Levels

$121.00 and $124.00

Important Support Levels

$116.00 and $115.00

2-hour RSI

The RSI is currently near the 55 level.

2-hour MACD

The MACD moved sharply 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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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.