Ethereum Price Forecast: Ether Could Rally Above $120

Ether’s price is showing recovering signs against the US dollar and bitcoin. ETH/USD is likely preparing for an upside break above the $120.00 barrier …
Aayush JindalJanuary 22, 2019 4:14 PM
January 22, 2019 4:14 PM
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Ether’s price is showing recovering signs against the US dollar and bitcoin. ETH/USD is likely preparing for an upside break above the $120.00 barrier in the coming sessions.

Key Highlights

Ether’s price dipped toward $112.00 before recovering sharply against the US Dollar.

ETH/USD could accelerate gains once it settles above the $120.00 resistance on the 2-hour chart.

ETH/BTC tested the 0.0322BTC support and later corrected above 0.0328BTC.

Technically, the 2-hour chart indicators are rising sharply toward midlines in the bearish territory.

Ether Price Analysis

The past few days saw a lot bearish moves below the $120.00 support in ETH/USD. The pair even dove below the $115.00 support and tested the $112.00 support area, where buyers emerged.

ETH/BTC declined further below the 0.0325BTC support and tested the 0.0322BTC support. The pair is currently recovering, and it seems like it could break the 0.0330BTC and 0.0332BTC resistance levels.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair dipped sharply below the $115.00 support and formed a new weekly low at $111.84. However, the price action suggests that Ether was rejected near $112.00, resulting in a sharp recovery above the $115.00 pivot level.

The price traded above the $116.00 level and the 38.2 percent Fibonacci retracement level of the recent decline from the $128.07 high to $111.84 low. Ether is currently trading near a crucial hurdle around $120.00, a bearish trendline at $119.00, and the 50 percent Fibonacci retracement level of the recent decline.

Should Ether settle above $120.00, the price could move into a bullish zone toward the $125.00 and $128.00 levels. Moving down to the 30-minute chart of ETH/USD, the pair recently broke a declining channel, with resistance at $117.50.

Ether Price Analysis Chart

The current technical structure is positive, but if there is a downside correction, the broken resistances near $118.00, $117.50, and $115.00 are likely to act as supports.

Overall, Ether is likely preparing for a decent recovery, but a successful break above $120.00 is required. If ETH/USD buyers fail to gain momentum above $120.00, the pair might retreat and decline to $115.00 or $112.00.

Important Resistance Levels

$120.00 and $122.00

Important Support Levels

$115.00 and $112.00

2-hour RSI

The RSI is moving higher toward the 45 level.

2-hour MACD

The MACD is about to move into the bullish zone.

Aayush Jindal

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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Ethereum Price Analysis: ETH Trading at Lower Boundary of Trading Range at $115 — Can the …

The hash power, at one point, actually exceeded the amount of hash power of the Ethereum Classic chain. The new scheduled date for the …
  • Support for ETH moving forward: $115.96, $110.46, $102.55, $101.27, $100, $93.00, $84.03.
  • Resistance for ETH moving forward: $124.91, $134.67, $146.74, $150, $155.12, $171.94.

Latest Ethereum News

After the delay in the Ethereum Constantinople upgrade, it was found that some Ethereum miners were mining on an unofficial chain after not following advice from developers. The hash power, at one point, actually exceeded the amount of hash power of the Ethereum Classic chain.

The new scheduled date for the Constantinople upgrade is in late February 2019 after the blockchain hits block number 7,280,000.

ETH/USD Price Analysis

Ethereum has seen a price fall totaling 9.16% over the past 7 trading days as the current price of the cryptocurrency is now around the $117.46 handle, at the time of writing. The market is still up by a total of 4.53% over the past 30 trading days.

Now ranked in 3rd position, Ethereum holds a $12.22 billion market cap valuation. The decentralized operating system has seen a serious price drop totalling 42% over the past 90 trading days as the 41-month old project now trades at a price that is 91% lower than its all-time high price.

Ethereum AnalysisEthereum Analysis

Taking a look at the 4-hour chart above for ETH/USD, we can see that price action has now approached the previously highlighted support zone at the short-term .618 Fibonacci Retracement level (drawn in green) priced at $115.

This area of support is further bolstered by a short-term downside 1.272 Fibonacci Extension level (drawn in red) priced in the same area.

Trend: Neutral

The trend is still in a neutral trading condition at this moment in time. However, if price action does break below the $115 handle, the short-term trading condition for ETH/USD will turn bullish.

Where is the Support Below the $115 Handle?

If ETH/USD can break below the $115 handle, we can expect immediate support below to be located at the short-term downside 1.414 and 1.618 Fibonacci Extension levels (drawn in red), priced at $110.46 and $102.55 respectively.

Further support below this will then be expected at the short-term .786 Fibonacci Retracement level (drawn in green) priced at $101.27. I

f the selling pressure causes ETH/USD to break below the $100 handle, more support below is located at the short-term .886 Fibonacci Retracement level (drawn in green) priced at $93. This is closely followed by the long-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $84.03.

Where is the Resistance Towards the Upside?

Alternatively, if the bulls regroup and begin to push price action higher for ETH/USD, we can expect immediate resistance above to be located at the short-term .5 and .382 Fibonacci Retracement levels (drawn in green), priced at $124.91 and $134.67.

The resistance at $134.67 is also the upper boundary of the trading range that was outlined in our previous ETH/USD analysis.

If ETH/USD can break above the upper boundary of the trading range, expect higher resistance at the short-term .236 Fibonacci Retracement level (drawn in green) priced at $146.74.

Above the $150 handle, we can expect more higher resistance at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at $155.12 and $171.94, respectively.

ETH/BTC Price Analysis

Ethereum/Bitcoin AnalysisEthereum/Bitcoin Analysis

Taking a look at the ETH/BTC 4-hour chart above, we can see that price action has also reached further support below at the short-term .886 Fibonacci Retracement level (drawn in green) priced at 0.03257 SATS.

Price action is still within the bounds of the current trading range between 0.03257 SATS and 0.03532 SATS.

Trend: Neutral

The current trading trend will remain neutral until price action manages to break below the lower boundary of the aforementioned trading range.

Where is the Support Located if the Market Breaks Below the Trading Range?

If ETH/BTC falls below the trading range, we can expect immediate support towards the downside to be located at the medium-term .618 Fibonacci Retracement level (drawn in red) priced at 0.03191 SATS.

Further support below can then be located at the short-term downside 1.272 and 1.414 Fibonacci Extension levels (drawn in pink), priced at 0.03129 and 0.02979 SATS respectively.

If the selling pressure causes ETH/BTC to head even lower, more support is located at the medium-term .786 and .886 Fibonacci Retracement levels (drawn in red), priced at 0.02924 SATS and 0.02765 SATS respectively.

Where is the Resistance Towards the Upside?

Alternatively, if the bulls regroup and begin to push price action higher from the .886 Fibonacci Retracement support level, we can expect immediate higher resistance at the short-term .786 and .618 Fibonacci Retracement levels (drawn in green), priced at 0.03359 SATS and 0.03532 SATS respectively.

If ETH/BTC goes higher, more resistance above can be found at the short-term .5 and .382 Fibonacci Retracement levels (drawn in green), priced at 0.03652 SATS and 0.03778 SATS respectively.

More resistance above 0.03778 SATS can then be expected at the short-term .236 Fibonacci Retracement level (drawn in green) priced at 0.03923 SATS. This is closely followed by more resistance at the short-term 1.272 Fibonacci Extension level (drawn in blue) priced at 0.04062 SATS.

Conclusion

Ethereum is trading at the lower boundary of the trading range at this moment in time.

If the sellers push price action below the $115 handle, we can expect ETH/USD to head further lower towards the $110 – $101 range.

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Ripple Price Analysis: XRP Approaches Lower Boundary of Trading Range — Can the Bulls …

The CEO of Ripple, Brad Garlinghouse, remains optimistic about growth. He recently stated that he believes that the cryptocurrency is in the midst of …
  • Support for XRP moving forward: $0.3118, $0.3106, $0.3028, $0.2989, $0.2858.
  • Resistance for XRP moving forward: $0.3291, $0.3361, $0.3449, $0.3635, $0.3943.

Latest Ripple News

The CEO of Ripple, Brad Garlinghouse, remains optimistic about growth. He recently stated that he believes that the cryptocurrency is in the midst of gaining more adoption, evidenced by the increase in number of partnerships the company has been creating.

In other Ripple news, the blockchain firm, R3, has recently launched their Corda Network. XRP will benefit from this as they are the 1st cryptocurrency to be supported by the Corda Settler app.

XRP/USD Price Analysis

Ripple AnalysisRipple Analysis

Analyzing the market from the 4-hour perspective above, we can see that the market has now reached the lower boundary of the trading range (previously identified in our last XRP/USD analysis) at the short-term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.

The market attempted to break above the upper boundary of the trading range at the short-term .618 Fibonacci Extension level (drawn in green) priced at $0.3449 but failed to close above this level. This may be largely due to the fact that BTC/USD has experienced a price fall of around 7% this week.

Trend: Neutral

The market is still within the trading range between $0.3449 and $0.3185, leading to the current trading condition to be neutral.

However, if either XRP/BTC or BTC/USD falls lower and causes XRP/USD to break below the $0.3185 support at the lower boundary of the trading range, then our trading condition will be turned into a bearish one.

Where is the Support Located Below the Trading Range?

If the sellers do manage to push price action below the established trading range, we can expect further immediate support towards the downside to be located at the medium-term downside 1.414 Fibonacci Extension level (drawn in red) priced at $0.3106.

Support following this is located at the short-term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.

If the bears continue to drive price action further below the $0.30 handle, expect more support at the medium-term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2989. This is followed by the previous long-term downside 1.414 Fibonacci Extension level (drawn in lilac) priced at $0.2858.

Where is the Resistance Now Located Above the Market?

Alternatively, if the bulls begin to regroup and drive price action higher for XRP/USD, we can expect immediate support above to be located at the previous short-term downside 1.414 and 1.272 Fibonacci Extension levels (drawn in blue) priced at $0.3291 and $0.3361, respectively.

Further resistance above this level can be found at the upper boundary of the range at the short-term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449.

If the buyers can push price action above the current trading range, higher resistance is located at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $0.3635. More resistance is found at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.3943.

XRP/BTC Price Analysis

XRP/BTC AnalysisXRP/BTC Analysis

Analyzing the market from the past few months on the daily chart above, we can see that after the market had rebounded at a low of 6,083 SATS on October 12, 2018, it went on to increase by a total of 65% and reached a high of around 10,186 SATS on December 25, 2018.

This price increase occurred at a time, largely in November 2018, when the rest of the cryptocurrency industry was experiencing a market capitulation as price action plummeted for the majority of cryptocurrencies.

Price action is now trading at a long-term .618 Fibonacci Retracement level (drawn in red) priced at 8,986 SATS. This long-term Fibonacci Retracement is measured from the low in December 2017 to the high in January 2018.

Trend: Neutral

The market is trading within the confines of the previous swing leg higher so it is still in a neutral trading condition.

For XRP/BTC to be considered bullish, we would need to see price action break cleanly above the 10,000 SATS handle.

Where is the Support Below the Current Market Price?

If the sellers ramp up the pressure and begin to push price action lower, we can expect immediate support towards the downside to be located at the short-term .382 and .5 Fibonacci Retracement levels (drawn in green), priced at 8,543 SATS and 8,076 SATS respectively.

Further support below this can be expected at the short-term .618 and .786 Fibonacci Retracement levels (drawn in green), priced at 7,608 SATS and 6,944 SATS respectively.

Where is the Resistance Above the Market?

If the buyers start to regroup and push price action above the current support at the long-term .618 Fibonacci Retracement level (drawn in red) priced at 8,969 SATS, the bulls will encounter higher resistance at the 10,000 SATS handle.

If the bulls can break above 10,000 SATS, expect higher resistance at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in red), priced at 10,830 SATS and 11,356 SATS respectively.

Further resistance above this can then be found at the bearish .5 Fibonacci Retracement level (drawn in red) priced at 11,536 SATS.

What are the Technical Indicators Showing?

The RSI is underneath the 50 level which indicates that the bears are in control of the momentum within the market. This means price action for XRP/BTC could be heading lower in the coming days.

Conclusion

XRP/USD is at a critical level which will determine if the next few weeks may be bearish.

If the market does break below the lower boundary at the $0.31 handle, we can expect price action to head into further support beneath around the $0.30 handle or even lower.

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Bitcoin Price Analysis: BTC Approaches Crucial Support at $3569 — Can the Bulls Now Defend …

The previous trading session saw Bitcoin fall from a high of close to $3,800 to a low around $3,569. The recent market drop has now caused the total …
  • Bitcoin has now approached our previously highlighted area of support at the crucial $3569 handle.
  • Support moving forward: $3,569, $3,508, $3,464, $3,421, $3,350, $3,266, $3,228.
  • Resistance moving forward: $3,664, $3,851, $3,896, $3,942, $4,001, $4,215.

Latest Bitcoin News

The previous trading session saw Bitcoin fall from a high of close to $3,800 to a low around $3,569. The recent market drop has now caused the total market cap of Bitcoin to drop to a low around $62 billion, at the time of writing.

Last week, Bitwage announced that it now supports tax processingfor its customers and also allows more firms to have the ability to pay their employees in cryptocurrency.

Another recent piece of Bitcoin news comes from the Federal Reserve of St Louis which has recognized Bitcoin as permissionless and decentralized. Additionally, the bank believes that Bitcoin will not go to zero like many skeptics are claiming.

BTC Price Analysis

Bitcoin has seen a small 0.38% price drop over the past 24 hours of trading, but had seen close to a 6% price fall on Sunday January 20, 2019. The market is now trading at a price around $3,594, at the time of writing, after suffering a 30-day price fall totalling 7.86%.

Bitcoin now currently holds a total market cap value of $62.81 billion after seeing a significant 44% price decline over the past 90 trading days. The 69-month old cryptocurrency godfather is now trading at a value that is 81% lower than its all-time high price.

Bitcoin AnalysisBitcoin Analysis

Analyzing the BTC/USD market from the 4-hour perspective above, we can see that since our last Bitcoin analysis, the market went on to ascend for the following 2 or 3 days. It formed a short-term ascending price channel where the market was climbing progressively higher.

Price action managed to reach a high around $3,890 but then met significant resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $3,851. This Fibonacci Retracement level is measured from the high seen in November 2018, before the cryptocurrency market bloodbath, to the low seen in December 2018.

After reaching this high, the market rolled over and began to fall. It fell quite aggressively to below the lower boundary of the short-term ascending price channel.

The bulls tried to defend the short-term .618 Fibonacci Retracement level (drawn in green) priced at $3,664, but failed to do so and BTC/USD dropped even lower.

The market eventually reached support at a short-term downside 1.272 FIbonacci Extension level (drawn in blue) priced at $3,569. In our last analysis, we had outlined this support area as a crucial level for the market to hold to prevent price action from heading lower.

It does look like the bulls have managed to defend the area as the market seems to be in the process of reversing from this identified support zone.

Trend: Neutral

The recent market decline has brought BTC/USD to a neutral trading condition.

However, if price action continues to head below the $3,569 handle, then the current trading condition will immediately turn into a bearish one.

For this market to turn bullish, we would need to see price action heading back above the $3,900 handle.

Where is the Support for BTC Below the $3,569 Handle?

If the market does penetrate below the support at $3,569, turning the trend into a bearish one, we can expect immediate support beneath at the short-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $3,508.

If the sellers continue to drive price action below the $3,500 handle, more support can then be expected at the short-term .786 Fibonacci Retracement level (drawn in green) priced at $3,46. This is followed closely by support at the short-term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $3,421.

If the selling pressure continues to drive price action for BTC even lower, we can expect more support at the short-term .886 Fibonacci Retracement level (drawn in green) priced at $3,350.

Where is the Resistance Located Towards the Upside?

If the bulls do manage to rebound from the support at $3,569 and begin to climb higher, we can expect immediate resistance above to be located at the short-term bearish .618 Fibonacci Retracement level (drawn in green) priced at $3,664.

Resistance above this can found at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $3,851, closely followed by more resistance at the short-term 1.414 and 1.618 Fibonacci Extension level (drawn in purple) priced at $3,896 and $3,943, respectively.

If the bullish momentum manages to push BTC/USD above the resistance at $4,000, higher resistance above can then be located at the bearish .618 and .786 Fibonacci Retracement levels (drawn in red), priced at $4,001 and $4,215 respectively.

Conclusion

The recent price drop has caused BTC/USD to now reach a crucial area of support.

The next few days will decide whether the market will break below the support level and head further lower, or if the bulls can successfully defend this area of support and begin another recovery attempt above $4,000.

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Bitcoin Price Analysis: $3800 is Definitive for BTC

In their latest World Economic and Social Survey 2018 Report, a multinational organization made up of 193-member concluded that Bitcoin and …

  • Bitcoin Price drop 4.1 percent in the last day
  • Wyoming could be the blockchain and crypto center in the US
  • Participation levels low, prices may consolidate in days ahead.

Despite bullish fundamentals, BTC continues to cede ground against the USD. At spot rates, prices are steady and trending within our support zone. Unless otherwise there are sharp gains above $3,800, sellers may snap back to trend.

Bitcoin Price Analysis

Fundamentals

Wyoming may be the center of crypto attention thanks to their openness and embrace of new technology, but the real deal is the endorsement from the United Nations.

In their latest World Economic and Social Survey 2018 Report, a multinational organization made up of 193-member concluded that Bitcoin and cryptocurrencies, in general, were a new frontier in the finance. Of course, this is no brainer.

For a technology that is barely ten years, the underlying technology is not only disruptive but brings about efficiency, transparency and above all a new level of ownership. It is because of these inherent properties that the organization firmly believes that businesses can build new business models around the benefits of crypto and blockchain.

“The innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation…As such, the blockchain technology presents the possibility—a first in the field of finance! —that trust in institutions backed by a government can be replaced by trust in computer code.”

Candlestick Arrangements

Bitcoin

Bitcoin

Even with that, BTC is struggling against a strong wave of sell pressure. At spot rates, the coin is stable in the last day as prices hover around yesterday’s close. Nonetheless, our projection is bullish. Note that prices are yet to breach through our support zone.

When we paste a Fibonacci retracement tool, our immediate support lies between $3,500 and $3,700 flashing well with the 61.8 and 78.6 percent Fibonacci levels based off Dec 2018 high low. However, because of yesterday’s downturns and sharp losses from above $3,700, we recommend patience until after prices rally above $3,800.

After that, first targets will remain as before– at $4,500 and $5,000. The only bummer is if there is confirmation of yesterday’s losses and prices slide, complementing Jan 10 losses as prices dip below $3,500—the lower limit of our support zone. That likelihood will most likely catalyze further declines towards $3,200.

Technical Indicator

Average transactional volumes are still low. Yesterday’s bear bar for example printed above average volumes at 20k against 12k which is still low. Ideally, for a convincing break below or above, volumes should be above 35k rivaling those of Dec 17 (bull bar) or Jan 10 (bear bar).

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