Ethereum Price Forecast: Ether Rallies 8% Before Encountering Resistance

By March 6, 2019Ethereum
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Key Highlights

Ether’s price started a solid rebound and moved above the $130.00 resistance against the US dollar.

Technically, the 2-hour chart indicators moved into bullish territory.

Ether Price Analysis (ETH)

In yesterday’s analysis and monthly forecast, we discussed a cluster of supports between the $112.00 and $125.00 levels for ETH/USD. Recently, the pair traded as low as $123.34, formed a support base, and started a fresh upward move.

ETH/BTC also found a strong buying interest near the 0.3330BTC level and climbed back above 0.0340BTC. The pair even broke the 0.0345BTC resistance and tested the next key hurdle at 0.0350BTC.

Ethereum Price Analysis ETH Forecast

Starting with the 2-hour chart of ETH/USD, the pair formed a support base above the $124.00 level and later started a strong rebound. It traded above a crucial bearish trendline with resistance at $128.00 to move into a bullish zone.

It opened the doors for more upsides and Ether breached the $130.00 and $132.00 resistance levels. More importantly, there was a clear break above the 50 percent Fibonacci retracement level of the decline from the $140.75 high to $123.34 low.

The price is now approaching a significant resistance near the $136.00 level and the 76.4 percent Fibonacci retracement level of the decline from the $140.75 high to $123.34 low. Should ETH gain pace above $136.00, it could struggle near the key $138.00 and $140.50 resistance levels.

Ether Price Analysis Chart

To the downside, the broken resistance at $130.50 is now likely to act as a strong support if the price retreats from the $136.00 resistance. The 30-minute chart of ETH/USD suggests a strong bullish momentum above the $130.00 pivot level.

Therefore, there are chances of an upside break above $136.00 and $138.00. Conversely, if Ether fails to continue higher, it could test the $130.50 support and a connecting bullish trendline on the 30-minute chart that has support at $129.00.

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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Ether’s price started a solid rebound and moved above the $130.00 resistance against the US dollar.

Technically, the 2-hour chart indicators moved into bullish territory. Ether Price […]

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