Ethereum Price Forecast: Ether Ready For Substantial Recovery?

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Ether’s price consolidated in a tight range against the US dollar and bitcoin. ETH/USD is likely preparing for the next move either above $132.00 or below $120.00.

Key Highlights

Ether’s price traded in a range above the $124.00 support against the US dollar.

Key resistances are formed near $130.00, $132.00, and $140.00 on the 6-hour chart of ETH/USD.

ETH/BTC could recover if buyers can push the price above 0.0350BTC and 0.0355BTC.

Technically, the hourly charts are currently flat below midlines in the bearish territory.

Ether Price Analysis

After trading as low as $120.08, ETH started consolidating losses. The pair may soon make the next move either above the $130.00 and $132.00 resistances or below the $120.00 support area.

Similarly, ETH/BTC is trading in a tight range below the 0.0250BTC pivot level. Should Ether buyers succeed in pushing the price above the 0.0350BTC and 0.0355BTC resistances, there could be a short-term recovery.

Ether Price Analysis Chart ETH

The hourly chart of ETH/USD clearly indicates a consolidation pattern above the $123.08 swing low. To the topside, there is a bearish trendline in place, with resistance at $127.00. Buyers must gain strength above the trendline, $130.00, and the 23.6 percent Fibonacci retracement level of the decline from the $152.95 high to $123.08 low to start a decent recovery.

Conversely, if there is a downside break below the $124.00 support and the $123.08 low, the price could resume bearish moves and break the $120.00 support in the near term.

Moving up to the 6-hour chart of ETH/USD, there is a connecting bullish trendline forming, with support at $124.00. Should Ether decline below the trendline support, the price may drop to the last swing low at $114.71.

Ethereum Price Analysis ETH

On the upside, there are many hurdles for Ether buyers, starting with $130.00 and $132.00. A successful close above the $132.00 barrier will most likely open the doors for a larger recovery toward the next set of resistances at $140.00 and $142.00.

In the short term, ETH may continue to trade in the $124.00-130.00 range before the next key break either toward $140.00 or below $120.00.

Important Resistance Levels

$130.00 and $132.00

Important Support Levels

$124.00 and $116.00

Hourly RSI

The RSI is slowly moving toward the 50 level, with a flat structure.

Hourly MACD

The MACD is about 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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