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Ethereum Price Forecast: Ether Rebound Facing Sellers

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price recovered recently above $115.00 against the US dollar. ETH/USD needs to surpass the $121.00 and $125.00 resistance for further upsides.

Key Highlights

Ether’s price found support near $112.00 and bounced back against the US dollar.
ETH/USD broke a bearish structure with resistance at $116.00 on the hourly chart of ETH/USD.
ETH/BTC is currently consolidating above the 0.0280BTC support.

Technically, the hourly chart indicators climbed higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed that ETH/USD must break the $115.00 and $117.00 resistance levels to move back in a positive zone. The pair formed a solid support near $112.00 and later bounced back above $115.00.

ETH/BTC settled above the 0.0280BTC support and is currently consolidating. A break above the 0.0285BTC resistance is needed for a fresh upside above the 0.0300BTC resistance.

Ether Price Analysis ETH

Looking at the hourly chart of ETH/USD, the pair started a major downward move from the $126.78 swing high. Ether declined heavily and traded below the $120.00 and $115.00 support levels. Buyers appeared near the $112.00 level and defended losses.

A support base was formed and the price started a nice upward move above the $115.00 resistance and the 23.6 percent Fibonacci retracement level of the recent slide from the $126.78 high to $111.57 low.

More importantly, the price broke a bearish structure with resistance at $116.00 on the same chart, opening the doors for more gains. Ether’s price spiked above the $120.00 level and the 50 percent Fibonacci retracement level of the recent slide.

Ethereum Price Analysis ETH

Moving up to the 6-hour chart of ETH/USD, the pair is facing a tough challenge near the $120.00-121.00 zone. Besides, there is a major bearish trend line formed, with resistance at $125.00.

To rebound further, the price must break the $121.00 and $125.00 resistance levels, above which the next major hurdle is near the $130.00 level. On the downside, an initial support is at $116.00 and $115.00. The current price action is positive as long as Ether is above the $115.00 and $112.00 support levels. 

Important Resistance Levels

$121.00 and $125.00

Important Support Levels

$115.00 and $112.00

Hourly RSI

The RSI is currently well above the 60 level.

Hourly MACD

The MACD is placed nicely 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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