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Ethereum Price Forecast: Ether Could Accelerate Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price moved back in a bullish zone against the US dollar and bitcoin. ETH/USD could continue higher once it breaches the $142.00-145.00 resistance area.

Key Highlights

Ether’s price settled above the $130.00 resistance with a positive angle against the US dollar.
A crucial bearish trendline is formed with resistance at $142.00 on the 2-hour chart of ETH/USD.
ETH/BTC is placed nicely for more gains above the 0.0360BTC level.

Technically, the 12-hour chart is moving higher in the bullish territory.

Ether Price Weekly Analysis

This past week, we saw ETH/USD consolidating losses above the $120.00 support. Later, buyers took control and pushed the pair above the $120.00, $125.00, and $135.00 resistance levels to resume its uptrend.

ETH/BTC also gained bullish momentum and broke the 0.0340BTC and 0.0350BTC resistance levels. The pair is currently trading with a positive angle and may continue to move higher toward 0.0380BTC and 0.0400BTC.

Ethereum Price Analysis ETH

Let’s start with the 12-hour chart of ETH/USD. The pair started a major downside correction from the $161.35 high. The price moved below the $140.00 support and the 23.6 percent Fibonacci retracement level of the last major move from the $82.12 low to $161.35 high.

However, the decline was protected by the $115.00-120.00 support and the 50 percent Fibonacci retracement level of the last major move. There is also a significant bullish trendline in place, with support at $125.00 on the same chart.

Moving down to the 2-hour chart of ETH/USD, the pair jumped sharply above the $135.00 resistance level. At the outset, Ether is currently struggling to gain momentum above the $142.00 resistance and a crucial bearish trendline at $142.00.

Ether Price Analysis ETH

A successful close above the $145.00 resistance and the trendline is required for an upside acceleration toward the $150.00 and $155.00 levels. Further above $155.00, the price is likely to break the $161.35 swing high in the near term.

To the downside, Ether is likely to find support near the $130.00 level. The main support is near $125.00 and $120.00, below which ETH/USD could move into a bearish zone.

Weekly Resistance Levels

$145.00 and $155.00

Weekly Support Levels

$130.00 and $125.00

12-hour RSI

The RSI is placed nicely above the 50 level.

12-hour MACD

The MACD moved back 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.