Ethereum Price Forecast: Ether Eyeing Bullish Continuation

Ether’s price is slowly gaining bullish momentum against the US dollar and bitcoin. ETH/USD must settle above $120.00 and $122.00 for a sustained upward move.

Key Highlights

Ether’s price traded higher recently and broke the $118.00 resistance against the US Dollar.

ETH/USD settled above a connecting bearish trendline with resistance at $118.00 on the 6-hour chart.

ETH/BTC is likely preparing for an upside break above the 0.0330BTC resistance level.

Technically, the 6-hour chart indicators are currently flat below midlines in the bearish territory.

Ether Price Analysis

Yesterday, we saw a few positive signs above the $115.00 resistance in ETH/USD. The pair extended the upward move and traded above the $118.00 and $120.00 resistance levels, but buyers failed to gain strength above $120.00.

ETH/BTC also recovered a few points and traded above the 0.0326BTC and 0.0328BTC resistance levels. The pair now seems to be preparing for more gains above the 0.0330BTC resistance level.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair formed a solid green candle after it dipped below $112.00 and traded as low as $111.84. More importantly, Ether settled above a connecting bearish trendline, with resistance at $118.00 on the same chart.

However, buyers failed to capitalize and the price started trading in a range below $120.00. To the topside, there are many crucial hurdles near $120.00, $122.00 and another bearish trendline. A successful close above $122.00 could open the doors for a decent recovery toward $125.00, $130.00 and $140.00.

Ether Price Analysis ETH

Moving down to the 2-hour chart of ETH/USD, the pair is about to surpass a key bearish trendline near $119.00 and the 50 percent Fibonacci retracement level of the drop from the $128.07 high to $111.84 low. On the downside, there are a few important supports near the $115.00 area. A daily close below $115.00 and $112.00 will most likely trigger a fresh decline toward $100.00.

To sum up, Ether is facing a tough resistance near $120.00-$122.00 and failure on the upside is set to see ETH/USD testing $115.00 before moving back to $112.00.

Important Resistance Levels

$120.00 and $122.00

Important Support Levels

$115.00 and $112.00

6-hour RSI

The RSI is currently flat near the 40 level.

6-hour MACD

The MACD is struggling to move into the bullish zone.

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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