Categories: Ethereum

Ethereum Price Forecast: Ether Reverses Sharply Upward

Click here to view original web page at www.ethnews.com

Key Highlights

Ether’s price bounced back and surpassed the $123.00 and $125.00 resistances against the US dollar.

Technically, the 12-hour charts are currently near midlines in bearish territory.

Ether Price Analysis

The past three sessions turned out to be super bullish on Ether. The price started a solid upward move from the $114.64 low and jumped above the $123.00 and $125.00 resistance levels.

ETH/BTC found a strong buying interest, resulting in bullish moves above 0.0340BTC. The pair broke the 0.0350BTC resistance and may continue to climb toward the 0.0365BTC resistance.

Let’s look at the 12-hour chart of ETH/USD to understand the recent reversal from the $114.64 low. After a strong downward move below $140.00 and $120.00, it seems like Ether found support near the 28 December 2018 low. There were a few spikes near the $114.00-115.00 support zone (as pointed out in the weekly analysis), and the price later jumped sharply.

More importantly, the price found support near the 61.8 percent Fibonacci retracement level of the last major recovery from the $82.12 low to $163.57 high. The last 12-hour candle is suggesting a positive change in the trend, but the price is currently struggling near a significant resistance at $130.00-132.00.

Additionally, there is a crucial bearish trendline in place with resistance at $135.00 on the same chart. Should Ether surpass the $132.00 and $135.00 resistances, it could establish a double pattern above $114.00 and the price may rally above $140.00 and $150.00.

On the flip side, a failure to break the bearish trendline could trigger a fresh decline to $126.00 or $125.00. To the downside, there is a strong support formed near $122.00 and a bullish trendline on the 2-hour chart of ETH/USD.

Overall, the recent rally has reached a crucial juncture and Ether could either extend gains above $135.00 or decline back to $122.00 and $120.00.

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.

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Analysis and Ethereum Analysis News.

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.

Ether’s price bounced back and surpassed the $123.00 and $125.00 resistances against the US dollar.

Technically, the 12-hour charts are currently near midlines in bearish territory. Ether […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Terrorists are turning to Bitcoin for funding, and they’re learning fast

Representational image of Bitcoin. (File: Bloomberg) By Nathaniel Popper Hamas, the militant Palestinian group, has been designated a terrorist organization… Read More

24 mins ago

Latest Faketoshi says he conveniently ‘lost the hard drive’ containing billions in Bitcoin

Just yesterday we told you how there was a new Faketoshi in town, staking a questionable claim to the Bitcoin… Read More

24 mins ago

Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020

Share Tweet Send Share Bitcoin price predictions have been coming thick and fast in recent months as the world’s top… Read More

24 mins ago

“Bitcoin will never hit 50k” says crypto skeptic Peter Schiff

For a man that wants nothing to do with Bitcoin , economist and Euro Pacific Capital CEO Peter Schiff never… Read More

24 mins ago

Casa Releases Node Monitor Service to Improve Bitcoin Network Health

Casa, a crypto firm that provides a private key management service and Bitcoin node machine, has unveiled a node monitor… Read More

24 mins ago

ETC/ETH Technical Analysis: Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today An important price level has been broken 0.037673 looks to… Read More

25 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More