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Ethereum Price Forecast: Ether Closing In Toward Next Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is setting up for the next move against the US dollar and bitcoin. ETH/USD must stay above $112.00 and $100.00 to rebound in the medium term.

Key Highlights

Ether’s price is consolidating above the $100.00 support against the US dollar.
A crucial breakout pattern is forming with resistance at $121.00 on the 12-hour chart of ETH/USD.
ETH/BTC is holding the 0.0280BTC support and it is preparing for the next move.

Technically, the 12-hour chart indicators are consolidating near oversold levels in the bearish territory.

Ether Price Weekly Analysis

This past week, there were swing moves in ETH/USD above the $100.00 support level. The pair failed to break the $121.00 and $125.00 resistance levels, resulting in bearish moves in the short term.

ETH/BTC declined heavily and broke the 0.0300BTC and 0.0285BTC support levels. The pair found support near 0.0278BTC and bounced back above the 0.0280BTC level. In the short term, there could be range moves before the price climbs above either 0.0300BTC or 0.0280BTC.

Ethereum Price Analysis ETH

Starting with the 12-hour chart of ETH/USD, the pair declined sharply from the $223.86 high and traded below the $200.00 and $150.00 support levels. Ether even traded below the $125.00 support and tested the $100.00 support area.

A new multi-month low was formed at $101.09 before the price started consolidating in a range. It seems like there is a crucial breakout pattern forming with resistance at $121.00. A successful break above the $121.00 and $125.00 resistance levels plus the 23.6 percent Fibonacci retracement level of the drop from the $223.86 high to $101.09 low is needed for a larger upward move in the near term.

The next major resistance above $130.00 is near the $160.00 mark and the 50 percent Fibonacci retracement level of the drop. On the flip side, a downside break below the $100.00 support area could trigger a nasty decline. The next major support awaits at $92.00, followed by $84.00.

Ether Price Analysis ETH

Moving down to the 2-hour chart of ETH/USD, the pair is clearly struggling to break the $120.00 and $121.00 resistance levels. On the downside, there is a bullish trendline, with support at $115.00.

In the short term, the price could retest the $115.00 or $112.00 support, but Ether remains supported. In the medium term, the next move could be either above $130.00 or below $100.00. 

Weekly Resistance Levels

$125.00 and $130.00

Weekly Support Levels

$112.00 and $101.00

12-hour RSI

The RSI is currently near the 30 level.

12-hour MACD

The MACD is still in the bearish 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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