Home Ethereum Ethereum Price Forecast: Ether's Bullish Break Looks Real – ETHNews

Ethereum Price Forecast: Ether's Bullish Break Looks Real – ETHNews

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Ether’s price bounced back sharply above significant resistances against the US dollar and bitcoin. The next key hurdle for ETH/USD buyers is near $111.00.

Key Highlights

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

ETH/USD broke a crucial resistance near $106.00 and a bearish trendline on the 6-hour chart.

ETH/BTC jumped above the 0.0310BTC and 0.0312BTC resistance levels.

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.

Ethereum Price Analysis ETH

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.

Ether Price Analysis Chart

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).

Important Resistance Levels

$110.00 and $111.50

Important Support Levels

$108.00 and $106.00

6-hour RSI

The RSI is currently just below the 50 level.

6-hour MACD

The MACD just moved 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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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.

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