Ethereum Price Forecast: Ether Signaling Fresh Increase – ETHNews

Ether’s price is slowly climbing higher against the US dollar, whereas it is consolidating versus bitcoin. ETH/USD is likely to gain bullish momentum above $139.00 and $140.00.

Key Highlights

Ether’s price dipped to a new weekly low and bounced back above $138.00 against the US dollar.

ETH/USD is about to break a major bearish trendline at $139.00 on the 2-hour chart.

ETH/BTC is struggling to gain bullish momentum due to bitcoin’s rise above $4,000.00.

Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.

Ether Price Analysis (ETH)

After a few spikes above the $139.00 level, ETH/USD started a downward move. The pair declined below the $137.00 support and traded to a new weekly low before it bounced back above $138.00.

ETH/BTC is currently consolidating near the 0.0345 BTC support level. Bitcoin’s price recently climbed above the $4,000.00 barrier, capping an upward move above the 0.0350 BTC level.

Ethereum Price Analysis ETH Chart

Looking at the 2-hour chart of ETH/USD, the pair settled below the $140.00 pivot and later started consolidating in a range above the $137.00 support. Ether made a few attempts to surpass the $139.00-$140.00 resistance area, but buyers failed to gain strength.

Recently, there was a sharp dip below the $137.00 support, and the price traded to a new weekly low at $136.42. However, downsides were limited, and the price bounced back above $137.00 and $138.00. At the outset, it seems like Ether’s price is about to break a major bearish trendline at $139.00 on the same chart.

A successful close above the trendline and follow-through above the $140.00 resistance could boost the market sentiment in the near term. The next key resistance is at $142.00, above which the price may revisit the $145.00 resistance.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair climbed sharply after trading as low as $136.42. It is currently trading near a crucial bearish trendline, with resistance near $139.00.

Clearly, the $139.00 resistance holds the key, and if Ether buyers gain momentum, there are chances of a decent run toward the $142.00 and $145.00 levels. Conversely, a failure to clear the $139.00 or $140.00 resistance might result in another dip toward $137.00 or even $135.00.

2-hour MACD

The MACD is about to move into the bullish zone.

2-hour RSI

The RSI climbed higher and is currently near 45.

Important Support Levels

$137.00 and $135.00

Important Resistance Levels

$139.00 and $140.00

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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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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