Ethereum Price Forecast: Ether Rebound Could Gain Momentum


Ether’s price rebounded nicely above $110.00 against the US dollar while it declined versus bitcoin. ETH/USD is now facing major resistances near $113.00 and $115.00.

Key Highlights

Ether’s price found support near $106.0 and bounced back against the US dollar.

ETH/USD is facing a crucial resistance near $115.00 and two bearish trendlines on the 2-hour chart.

ETH/BTC failed to break the 0.0284BTC resistance and declined below 0.0280BTC.

Technically, the 2-hour chart indicators moved higher sharply toward midlines in the bearish territory.

Ether Price Analysis

Yesterday, we discussed the possibility of more declines if ETH/USD breaks the $111.00-112.00 support zone. The pair did trade below $111.00 and declined toward below $110.00 and $108.00 levels.

ETH/BTC also failed to stay above the 0.0280BTC support and declined sharply. The pair tested the 0.0278BTC support and it is currently consolidating losses.

Ethereum Price ETH Chart

Starting with the 2-hour chart of ETH/USD, the pair declined heavily below $112.00 and traded towards the $105.00-106.00 support zone. It traded as low as $105.73 and later started forming a support base for a short term rebound.

There were two attempts to break the $106.00 support, but Ether sellers failed to gain traction. Finally, there was a solid upward move and the price broke the $108.00 and $110.00 levels. The price traded above the $111.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $126.78 high to $105.73 low.

However, the pair is still trading below two important bearish trendlines, with current resistance near $115.00 and 50 percent Fibonacci retracement level of the recent decline.

Ether Price Analysis ETH

Dropping down to the 30-minute chart of ETH/USD, the pair is currently struggling to break the $112.50 and $113.00 resistance levels. Therefore, the pair could decline a few points in the short term toward $110.00 or $108.00 before a fresh upward move towards $115.00.

Overall, short-term oscillators on 2-hour chart of ETH/USD have started gaining positive momentum and thus, support prospects for a recovery toward $113.00 and $115.00 in Ether’s price.

Important Resistance Levels

$113.00 and $115.00

Important Support Levels

$110.00 and $108.00

2-hour RSI

The RSI moved higher toward the 45 level.

2-hour MACD

The MACD is about to move back in 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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