Categories: Ethereum

Ethereum Price Forecast: Ether’s Bullish Break Looks Real

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

Key Highlights

Ether’s price formed a strong support at $102.00 and bounced back against the US dollar.

Technically, the 6-hour chart indicators reached midlines in bearish territory.

Ether Price Analysis (ETH)

Yesterday, there was a short-term rebound above the $105.00 level in ETH/USD. The pair struggled to break the $106.00 resistance zone, but buyers later gained upward traction and pushed Ether above $106.00 and $108.00.

Similarly, there was a strong upward move in ETH/BTC above the 0.0310BTC and 0.0312BTC resistance levels. The pair even broke the 0.0315BTC resistance, opening the doors for a run toward the 0.0320BTC resistance.

Looking at the 6-hour chart of ETH/USD, it seems like there is a double-bottom pattern forming near the $101.00-102.00 support area. Ether bounced back nicely from the $101.40 low and broke the $105.00-106.00 resistance zone.

The price also surpassed a crucial bearish trendline, with resistance at $106.00. However, a daily close above $106.00 is a must to set the pace for more gains in the coming sessions. An immediate resistance is near $110.00-110.00, above which the price could accelerate toward the $120.00 resistance.

Moving down to the 2-hour chart of ETH/USD, there was a clear break above the $106.00 resistance and two bearish trendlines. The pair even broke the $108.00 resistance and the 61.8 percent Fibonacci retracement level of the drop from the $111.47 high to $101.40 low.

The current price action is bullish on the 2-hour chart, with support at $108.00 and $106.00. To the topside, a successful break above the $111.47 high will most likely boost market sentiment and could open the doors for further upsides toward $115.00 and $120.00. In case of a downside correction, buyers are likely to defend the $106.00 support (the previous resistance).

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 Chart 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 formed a strong support at $102.00 and bounced back against the US dollar.

Technically, the 6-hour chart indicators reached midlines in bearish territory. Ether Price […]

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
Tags: currency eth ether

Recent Posts

  • Altcoins

Denarius – A true cryptocurrency in a sea of ICOs

In a sea of altcoins, Denarius is by far one of the more interesting, innovative blockchain projects released yet. With… Read More

11 mins ago
  • Bitcoin Business

Donald Trump’s bitcoin takedown signals global currency war

US President Donald Trump’s tweet attacking bitcoin ( BTC-USD ) highlights his increasing interest in controlling global currency markets —… Read More

6 hours ago
  • Bitcoin Business

Iran Legalizes Crypto-Mining As “Official Industry”

After weeks of uncertainty, the Iranian government’s Economic Commission has approved a mechanism of cryptocurrency mining in the country, according… Read More

6 hours ago
  • Bitcoin Business

Bullish For Bitcoin? Trump Turns Up Pressure on Federal Reserve to Cut Interest Rates

President Trump is continuing to pressure the Federal Reserve for dragging its feet on interest rate cuts. For some, such… Read More

6 hours ago
  • Bitcoin Business

Blockchain Center’s grand opening attracts local, international leaders

Pictured (l-r) are Eryka Gemma, Nick Spanos, Miami Mayor Francis Suarez, and Scott Spiegel. (Photo credit: World Red Eye) Blockchain… Read More

6 hours ago
  • Bitcoin Business

Bitcoin buyers beware

by Mike Connon As advisors, we typically advise families to take a patient, long-term approach to investing in the market,… Read More

6 hours 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