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Ethereum Price Forecast: Ether Consolidating Above Key Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price struggled to move higher, but it remained well-bid against the US dollar and bitcoin. ETH/USD must break the $132.00 and $135.00 resistances for an upside extension.

Key Highlights

Ether’s price stayed above the key $120.00 support against the US dollar.
A crucial breakout pattern is formed with support at $127.00 on the 30-minute chart of ETH/USD.
ETH/BTC is holding the key support near the 0.0320BTC level.

Technically, the 2-hour chart indicators are slowly moving into the bearish territory.

Ether Price Analysis

Yesterday, we discussed the importance of the $120.00 support area for ETH/USD. The pair remained well-bid and moved above the $125.00 and $130.00 level before sellers appeared near the $139.00-140.00 zone.

ETH/BTC consolidated above the 0.0320BTC support and moved a few points higher. The pair needs to settle above the 0.0350BTC resistance for an upward move above the 0.0380BTC and 0.0400BTC levels.

Ethereum Price Analysis Chart

Looking at the 2-hour chart of ETH/USD, the pair dipped heavily after trading to a new monthly high at $161.35 and moved below the $150.00 and $140.00 support levels. However, the decline was protected by the $120.00-124.00 support zone.

More importantly, there is a major bullish trendline formed with support at $124.00 on the same chart. A strong confluence buy zone is in place near the trend line, the $120.00 support, and the 50 Fibonacci retracement level of the upward move from the $82.12 low to $161.35 high.

Should there be a close below the $120.00 support, the price may decline heavily in the near term. Moving down to the 30-minute chart of ETH/USD, the pair recently retreated from the $139.00 zone.

Ether Price Analysis ETH

Ether seems to be preparing for the next break, with a crucial breakout pattern and support at $128.00. To the topside, a break above the $132.00 resistance will most likely open the doors for an upside break above the $135.00 resistance.

The current price action is positive as long as Ether’s price is above $124.00 and $120.00. In the short term, there could be consolidation moves before the next break either above $135.00 or below $120.00.

Important Resistance Levels

$132.00 and $135.00

Important Support Levels

$124.00 and $120.00

2-hour RSI

The RSI is currently moving lower toward the 40 level.

2-hour MACD

The MACD is slightly placed 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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