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Ethereum Price Forecast: Ether Remains Supported On Dips

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is correcting lower against the US dollar, while it extended losses versus bitcoin. ETH/USD must stay above $115.00 to bounce back in the near term.

Key Highlights

Ether’s price traded as high as $126.78 and later corrected lower against the US dollar.
A key bullish trendline is formed with support at $116.00 on the 30-minute chart of ETH/USD.
ETH/BTC fell sharply and traded below the 0.0280BTC support area.

Technically, the 2-hour chart indicators are correcting lower in the bullish territory.

Ether Price Analysis

Yesterday, we discussed about more gains above the $120.00 and $121.00 resistances in ETH/USD. The pair traded above the $124.00 and $125.00 resistance levels and traded as high as $126.78.

ETH/BTC faced a solid increase in selling pressure below the 0.0820BTC level. The pair broke the 0.0280BTC support area, resulting in more losses below the 0.0278BTC level.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair traded higher with back-to-back bullish candles above the $120.00 resistance level. A new weekly high was formed at $126.78; later, the price started a downside correction.

The price traded lower and broke the $122.00 and $120.00 support levels. Additionally, there was a break below the 23.6 percent Fibonacci retracement level of the recent recovery from the $101.09 low to $126.78 high.

Ether traded close to the $115.00-116.00 support area and the 50 percent Fibonacci retracement level of the recent recovery. Moreover, there is a key bullish trendline formed with support at $116.00 on the 30-minute chart of ETH/USD.

Ether Price Analysis ETH

Should Ether break the $116.00 and $115.00 support levels, the price could accelerate losses toward the $110.00 level in the near term. On the upside, an initial resistance is at $120.00, above which the price could test the $124.00 resistance and a bearish trendline on the same chart.

A successful close above the $126.00 level may clear the path for Ether buyers to push the price above the $130.00 level in the coming sessions. The next major hurdle for buyers is near the $140.00 level.

Important Resistance Levels

$120.00 and $124.00

Important Support Levels

$116.00 and $115.00

2-hour RSI

The RSI is currently moving lower toward the 50 level.

2-hour MACD

The MACD is slowly reducing its bullish slope.

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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