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Ethereum Price Forecast: Ether Could Turn Bullish Above $125

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a bearish zone against the US dollar and bitcoin. ETH/USD may move back in a positive zone if there is a daily close above the $125.00 resistance.

Key Highlights

Ether’s price failed to hold the key $120.00 support and declined further against the US dollar.
A crucial resistance is formed near the $125.00 level on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0320BTC support level and is currently consolidating losses.

Technically, the 2-hour chart indicators are extending losses in the bearish territory.

Ether Price Analysis

The past three days saw a lot of bearish moves in ETH/USD below the $140.00 support. The pair broke the key supports at $130.00 and $125.00 to enter a bearish zone.

ETH/BTC also followed a bearish path below the 0.0350BTC support and recently tested the 0.0320BTC support. The pair is currently consolidating losses and it may decline further toward the 0.0300BTC support.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair is following a significant bearish path and broke the $125.00 support. There is also a crucial bearish trendline formed with resistance at $120.00 on the same chart.

Should there be an upside break above the trendline, the price could face a strong resistance near the $125.00 level (the previous support). A successful 2-hour close above the trendline and the $125.00 resistance is needed for Ether buyers to take charge.

On the flip side, if the price continues to move down, it could soon test the $112.00 support. The main support for buyers is near the $106.00 level, which was a significant resistance earlier.

Ether Price Analysis ETH

Dropping down to the 30-minute chart of ETH/USD, there is a major bearish trendline in place with resistance at $120.00. Clearly, the $120.00 and $125.00 resistances are very important for the next move in the near term.

Overall, Ether’s price is trading with a bearish bias as long as it is below the $125.00 support. On the downside, a break below the $115.00 support may open the doors for a push toward $112.00 and $106.00.

Important Resistance Levels

$120.00 and $125.00

Important Support Levels

$115.00 and $112.00

2-hour RSI

The RSI is currently well below the 35 level.

2-hour MACD

The MACD is placed heavily 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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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.