Categories: Ethereum

Ethereum Price Forecast: Ether Signaling Bullish Continuation

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

Key Highlights

Technically, the daily chart indicators climbed higher toward midlines in bearish territory.

Ether Price Weekly Analysis (ETH)

This past week, there were bearish moves in ETH/USD below $110.00 before buyers defended the $100.00 support area. The pair started a solid upward move and broke key resistances at $106.00, $115.00, and $120.00.

ETH/BTC followed a similar pattern after it found support near the 0.0300BTC level. The pair bounced sharply and broke the 0.0310BTC and 0.0320BTC resistance levels. Ether is currently consolidating gains above 0.0320BTC, with chances of more gains toward 0.0330BTC.

Looking at the bigger picture, the daily chart of ETH/USD suggests that the pair may have formed a crucial bottom near the $100.00 support. Starting mid-January 2019, Ether’s price started a major decline from the $163.57 high and traded below the $120.00 support.

The price even broke the 50 percent Fibonacci retracement level of the upward move from the $82.12 low to $163.57 high. However, it found a strong buying interest near the $100.00 handle.

Finally, a nice double-bottom pattern was formed and the price jumped above the $110.00 resistance plus a bearish trendline on the same chart. It opened the doors for more gains and the price rallied above the $120.00 resistance.

A new monthly high was formed at $123.15 and Ether is currently consolidating gains. The 2-hour chart of ETH/USD suggests that the pair might be forming a bullish flag, with resistance near the $120.00 level.

Therefore, a successful break above the $120.00 level could set the pace for further upsides above the $125.00 and $130.00 levels. Conversely, if there is a short-term downside correction, ETH might find support near the $115.00 level. The next key support is near $110.00 and the 50 percent Fibonacci retracement level of the recent move from the $101.40 low to $123.15 high.

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, Ethereum 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.

Technically, the daily chart indicators climbed higher toward midlines in bearish territory. Ether Price Weekly Analysis (ETH)

This past week, there were bearish moves in ETH/USD below […]

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

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

5 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

5 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

5 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

5 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

5 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

5 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