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Ethereum Price Forecast: Ether Rally Could Extend To $98-100

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price rallied above key resistances against the US dollar. ETH/USD could extend gains toward the next major hurdles at $98.00 and $100.00.

Key Highlights

Ether’s price jumped above the $85.00 and $88.00 resistance levels against the US dollar.
ETH/USD broke a key bearish trendline with resistance at $87.50 on the 2-hour chart.
ETH/BTC seems to be forming a solid support near the 0.0260BTC level.

Technically, the 2-hour chart indicators moved further higher into bullish territory.

Ether Price Analysis

In the weekly analysis, we discussed a few important supports for ETH/USD near the $85.00, $82.00, and $80.00 levels. The pair stayed above the $85.00 support and recently broke the $88.00 and $90.00 resistances.

ETH/BTC remained confined in a tiny range above the 0.0260BTC support. The pair seems to be preparing for the next break either above 0.0270BTC or toward 0.0250BTC in the near term.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair corrected lower from the $88.00 resistance and tested the $85.00 support. Buyers protected declines below $85.00, and the price later jumped above the $88.00 and $90.00 resistance levels.

Additionally, there was a break above a key bearish trendline with resistance at $87.50 and the 50 Fibonacci retracement level of the decline from $100.32 to $82.12. Ether traded close to the $92.50 resistance and is currently correcting lower.

The first support on the downside is at $87.50 (the previous resistance), below which there is a connecting bullish trendline at $86.00. Moving down to the 30-minute chart of ETH/USD, it seems like buyers took control after clearing the $88.00 resistance and a bearish trendline.

Ether Price Analysis ETH Chart

The price is currently consolidating above $90.00 and remains supported on dips near $90.00, $88.00, and $87.50. The main support and pivot area is formed at $85.00, below which the price could move back in a bearish zone.

To the topside, an immediate resistance is at $92.50 followed by the 61.8 Fibonacci retracement level of the decline from $100.32 to $82.12. Finally, the key hurdles for a larger upward move are $98.00 and $100.00.

Important Resistance Levels

$92.50 and $98.00

Important Support Levels

$90.00 and $88.00

2-hour RSI

The RSI is moving higher toward the 65 level.

2-hour MACD

The MACD is gaining pace 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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