Home Ethereum Ethereum Price Forecast: Ether's Next Stop Could Be $125 – ETHNews

Ethereum Price Forecast: Ether's Next Stop Could Be $125 – ETHNews

5 min read


December 20, 2018 4:17 PM

Ether’s price extended gains and traded to new weekly highs against the US dollar and bitcoin. ETH/USD remains supported near $105.00 and could trade toward $115.00 and $125.00.

Key Highlights

Ether’s price rallied further and traded to a new weekly high at $112.24 against the US dollar.

A major bullish trendline formed with support near $105.00 on the 2-hour chart of ETH/USD.

ETH/BTC tested the 0.0280BTC resistance area and later corrected lower.

Technically, the 12-hour chart indicators are about to move into the bullish territory.

Ether Price Analysis

Yesterday, we discussed that dips in ETH/USD remain attractive to buyers above $100.00. The pair corrected a few points from the $109.26 high, but it found support and bounced back above $110.00.

ETH/BTC also extended gains and traded above the 0.0280BTC resistance. However, it failed to retain strength and later corrected lower below 0.0275BTC and 0.0270BTC. The next support is at 0.0265BTC, where buyers are likely to appear.

Ethereum Price ETH

Starting with the 12-hour chart of ETH/USD, the pair successfully settled above the key $100.00 resistance, a crucial bearish trendline, and the 23.6 Fibonacci retracement level of the drop from $182.06 (November 19, 2018 swing high) to $82.12 low.

The current price action is very positive and it seems like the next major hurdle for buyers is near the $125.00 level, above which the price could test the 50 Fibonacci retracement level of the drop from $182.06 to the $82.12 low, near $132.00.

Dropping down to the 2-hour chart, there is a solid uptrend in place from the $82.12 low. Ether recently traded to a new weekly high at $112.24 and is currently consolidating gains.

Ether Price Analysis ETH Chart

An initial support is at $108.00, followed by a major bullish trendline formed with support near $105.00. Therefore, a downside correction toward $105.00 is likely to find a strong buying interest.

To sum up, there are lot of positive signs visible on both charts and a sustained move beyond the $115.00 level will most likely push Ether toward the $125.00 resistance. On the flip side, $108.00 now becomes the immediate support to defend, which if broken might drag ETH/USD back toward testing the $105.00 support.

12-hour MACD

The MACD is slowly moving into the bullish zone.

12-hour RSI

The RSI is currently near the 50 level.

Important Support Levels

$108.00 and $105.00

Important Resistance Levels

$112.00 and $115.00

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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