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Ethereum Price Forecast: Ether Signaling Bullish Continuation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained bullish momentum above important resistances against the US dollar and bitcoin. ETH/USD remains supported near $112.00 and $110.00.

Key Highlights

Ether’s price climbed above the $115.00 resistance and tested $120.00 against the US dollar.
ETH/BTC resumed its upward move and traded above 0.0280BTC resistance.

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

Ether Price Analysis

The past few sessions were very positive since there were further gains in ETH/USD above the $112.00 and $115.00 resistance levels. The pair traded to a new weekly high at $120.84 and later corrected lower.

More importantly, ETH/BTC started a solid upward move and broke the 0.0275BTC and 0.0280BTC resistance levels. The pair settled above 0.0280BTC and it seems like it could extend the current wave toward 0.0292BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair broke the $108.00 and $110.00 resistance levels. It cleared the path above $115.00 and Ether traded to a new weekly high at $120.84. Later, there was a downside correction, but the price was well supported above $112.00.

The price is currently following an ascending channel and support at $115.00, below which there is a strong bullish trendline in place, with support near $110.00.

Moving down to the 30-minute chart, ETH/USD seems to be consolidating gains above the $112.00 support and a bullish trendline, with support at $114.00. Should there be a downside break below $112.00, the price could test the $110.00 support and the 50 Fibonacci retracement level of the recent wave from the $101.08 low to $120.84 high.

Ether Price Analysis ETH

To the topside, there is a short-term bearish trendline at $117.50, above which there could be a fresh rally toward the $120.00 and $125.00 resistance levels. A follow-through above the $125.00 resistance might prompt some additional gains and accelerate Ether toward $132.00. The main support is at $110.00, which if broken could put ETH buyers on the back foot.

Important Resistance Levels

$120.00 and $125.00

Important Support Levels

$112.00 and $110.00

2-hour RSI

The RSI is currently correcting toward the 60 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.