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Ethereum Price Forecast: Can Ether Buyers Keep Rally Going?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price surged higher above $130 against the US dollar and toward 0.0320BTC versus bitcoin. ETH/USD remains in a solid uptrend above $120.00 and $110.00.

Key Highlights

Ether’s price rallied recently and broke the $120.00 and $125.00 resistances against the US dollar.
ETH/USD is well-supported near $120.00 and a bullish trendline on the 2-hour chart.
ETH/BTC surged above the 0.0290BTC and 0.0300BTC resistance levels.

Technically, the 12-hour chart indicators jumped sharply into bullish territory.

Ether Price Weekly Analysis

This past week, there was a strong rebound in ETH/USD above the $90.00 and $100.00 resistance levels. The pair even broke the $120.00 and $125.00 resistance levels to trade to a new weekly high at $135.44.

ETH/BTC also started a solid upward move after forming a support base above 0.0260BTC. The pair broke the 0.0280BTC and 0.0300BTC resistance levels recently to move into a bullish zone.

Ethereum Price Analysis ETH

The 12-hour chart of ETH/USD indicates a positive price action from the $82.12 yearly low. The pair rallied above the $95.00 and $100.00 resistance levels, plus a crucial bearish trendline. It opened the gates for more gains, and the price rallied above the $120.00 and $125.00 resistance levels.

A successful 12-hour close above the $125.00 resistance will most likely push the price toward the $140.00 or $150.00 resistance level. Moving down to the 2-hour chart of ETH/USD, the pair is following a significant uptrend above the $120.00 support.

The price traded as high as $135.44 recently and is currently correcting lower. An initial support is near $120.00 and the 23.6 Fibonacci retracement level of the recent upward move from the $82.12 low to $135.44.

Ether Price Analysis Chart

Below $120.00, there is a bullish trendline formed, with support at $115.00. Should Ether decline below the $115.00 support, it could test the key $110.00 support and the 50 Fibonacci retracement level of the recent upward move.

To the topside, the first resistance is near the $132.00-135.00 region, above which the price is likely to test the $140.00 resistance. The overall technical structure is very bullish, signaling more gains in ETH/USD toward $140.00 or $150.00 as long as the price is above $110.00.

Weekly Resistance Levels

$132.00 and $150.00

Weekly Support Levels

$120.00 and $115.00

12-hour RSI

The RSI is currently well above the 55 level.

12-hour MACD

The MACD is moving nicely 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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