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Ethereum Price Forecast: Positive Signs Emerge For Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price corrected higher against the US dollar while it traded in a range versus bitcoin. ETH/USD might climb higher if it stays above the $90.00 support.

Key Highlights

Ether recovered recently, but it failed to break the $100.00 barrier against the US dollar.
ETH/USD traded above a major bearish trendline with resistance at $92.00 on the 2-hour chart.
ETH/BTC is struggling to move above the 0.0265BTC and 0.0270BTC levels.

Technically, the 2-hour chart indicators are currently near midlines in the bearish territory.

Ether Price Analysis

After forming the $82.37 low, ETH/USD started an upside correction. It traded above the $92.00 and $95.00 resistance levels, but buyers struggled to surpass the $100.00 barrier.

ETH/BTC is currently near the 0.0260BTC support and it seems like the pair is struggling to move above the 0.0265BTC and 0.0270BTC levels. A downside break below 0.0260BTC could push the price toward 0.0250BTC.

Ethereum Price Analysis ETH Chart

The current price action on the 2-hour chart of ETH/USD suggests a few positive signs above the $90.00 support. The pair recently climbed above the $92.00 and $95.00 levels to enter a bullish zone. Besides, there was a break above a major bearish trendline with resistance at $92.00.

The price traded as high as $100.32 and later corrected lower. It moved below the $95.00 level and the 23.6 percent Fibonacci retracement level of the recent rebound from the $82.37 low to $100.32 high.

However, Ether buyers protected losses below the $91.00 level and the 50 percent Fibonacci retracement level of the recent rebound. It seems like there are many supports formed on the downside, starting with $90.00, followed by $86.00 and $82.50.

Ether Price Analysis ETH

Dropping down to the 30-minute chart of ETH/USD, there is a short term breakout pattern forming, with resistance near $93.00 and support at $92.00. A successful close above $93.00 may clear the path for an upside extension toward the $95.00 and $98.00 resistances. Conversely, a bearish break below $92.00 and $90.00 may call for further declines toward $86.00.

Overall, there are a few bullish signs on the 2-hour chart as long as Ether stays above $90.00. Having said that, the price must break the key hurdle near $100.00-102.00 for a sustained recovery.

Important Resistance Levels

$98.00 and $100.00

Important Support Levels

$90.00 and $86.00

2-hour RSI

The RSI is stable near the 45 level.

2-hour MACD

The MACD is currently flat 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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