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Ethereum Price Forecast: Ether Holding Key Uptrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price corrected below $112.00 against the US dollar whereas it extended gains versus bitcoin. ETH/USD is holding key supports and could bounce back.

Key Highlights

Ether’s price corrected lower and tested the $108.00-110.00 support against the US dollar.
A declining channel is formed with resistance at $115.00 on the hourly chart of ETH/USD.
ETH/BTC broke the 0.0285BTC resistance and it may extend gains to 0.0292BTC or 0.0295BTC.

Technically, the hourly chart indicators are currently well above midlines in the bullish territory.

Ether Price Analysis

Yesterday, we saw the start of a downside correction in ETH/USD from the $120.84 high. The pair declined below the $115.00, $112.00, and $110.00 support levels before buyers appeared near $108.00.

On the other hand, ETH/BTC remains in a bullish zone above the 0.0280BTC support. The pair traded above the 0.0285BTC resistance and could continue to move higher toward 0.0292BTC or 0.0295BTC.

Ether Price Analysis Chart

The hourly chart of ETH/USD suggests that the pair corrected sharply lower after forming a short-term top at $120.84. It even broke the $110.00 support, but buyers managed to defend losses below $108.00. A solid support base was formed. Later, the price bounced back above $110.00 and $112.00.

However, Ether failed to break the $115.50 level and a declining channel with current resistance at $115.00. The price is currently moving lower, but there is a strong support formed near $110.00, $108.00, and a bullish trendline on the same chart.

Ethereum Price Analysis ETH

Moving up to the 6-hour chart of ETH/USD, the pair made a couple of attempts to clear $120.00, but failed and later corrected lower. It traded below the 23.6 Fibonacci retracement level of the recovery from $82.12 to $120.84.

The recent drop found support near a bullish trendline, with current support at $110.00. Should Ether settle below the $110.00 and $108.00 support levels, it could test the next important support near $100.00 and the 50 Fibonacci retracement level of the recovery from $82.12 to $120.84.

The current price action is indicating a fresh upward move if ETH surpasses the $115.00 resistance level. If not, there is a risk of an extended decline to $105.00 or $100.00.

Important Resistance Levels

$115.00 and $120.00

Important Support Levels

$110.00 and $108.00

Hourly RSI

The RSI is currently near the 55 level.

Hourly MACD

The MACD is slightly 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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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.