Ethereum Price Forecast: Ether Targets Fresh Yearly Highs

By January 8, 2019Ethereum
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Key Highlights

Technically, the 6-hour charts stayed above their midlines and moved higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed an important support area near $148.00-150.00 for ETH/USD. The pair did test the $148.00 support, where buyers emerged; later, there was a sharp bullish wave.

On the other hand, ETH/BTC failed to stay above the 0.0380BTC support and extended the recent downside correction. It seems like the pair may continue to decline toward the 0.0270BTC and 0.0265BTC supports.

Ethereum Price Analysis ETH

The 6-hour chart of ETH/USD suggests that the pair started a downside correction from the $163.57 high and declined below the $155.00 support. Sellers were able to push the price below the 23.6 percent Fibonacci retracement level of the last upward move from the $131.04 low to $163.57 high.

However, the decline was protected by a crucial support near $148.00 and a bullish trendline. Besides, the 50 percent Fibonacci retracement level of the last upward move also acted as a strong support above $147.00.

The current 6-hour chart is pointing to bullish signs above $150.00. Should Ether settle above $155.00, the price could accelerate toward the $160.00 and $162.00 resistance levels.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, the pair is gaining bullish momentum above $150.00 and recently broke a key bearish trendline with resistance at $151.00. An initial resistance is at $155.00-156.00, above which the price will most likely make another attempt to clear the $160.00 hurdle.

A successful 2-hour close above $160.00 may open the doors for a fresh 2019 high above the $165.00 level. To the downside, the main supports for Ether buyers are at $150.00, a bullish trendline on the 6-hour chart, and the $148.00 pivot area.

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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Technically, the 6-hour charts stayed above their midlines and moved higher in the bullish territory. Ether Price Analysis

Yesterday, we discussed an important support area near $148.00-150.00 […]