Categories: Ethereum

Ethereum Price Forecast: Ether Consolidating Above Key Support

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Key Highlights

Technically, the 15-minute chart indicators are slowly moving into the bullish territory.

Ether Price Analysis

Recently, there were a few bearish moves in ETH/USD below the $125.00 and $122.00 support levels. The pair even traded below the $120.00 level, but the $118.00 area acted as a strong barrier.

ETH/BTC is currently consolidating above the 0.0330BTC support. The pair needs to overcome the 0.0342BTC hurdle for a fresh upward move above the 0.0350BTC and 0.0355BTC resistances.

Looking at the 15-minute chart of ETH/USD, the pair recently dipped below the $120.00 support and traded to a new intraday low at $118.21. Later, Ether bounced back sharply, traded above the $120.00 level, and formed a high at $122.34 before starting a downside correction.

The price dipped below $121.00 and the 50 percent Fibonacci retracement level of the recent move from the $118.21 low to $122.34 high. However, the $119.50 level and the 61.8 percent Fibonacci retracement level of the recent move acted as a support.

At the outset, it seems like Ether’s price has broken a declining channel with resistance at $120.30. More importantly, a successful close above the $122.00 resistance and two bearish trendlines on the 5-minute chart could push the price toward the $123.00 barrier.

The main resistance awaits near $125.00, above which buyers are likely to take control and the price might climb toward the $130.00 area. On the other hand, a bearish reaction below the $119.50 and $118.00 support levels could cement a short-term bearish bias. The next key support is at $115.00, followed by $112.00.

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.

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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.

Technically, the 15-minute chart indicators are slowly moving into the bullish territory. Ether Price Analysis

Recently, there were a few bearish moves in ETH/USD below the $125.00 […]

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