Ethereum Price Forecast: Ether Rebound Could Gain Momentum

Ether’s price rebounded recently from weekly lows against the US dollar and bitcoin. ETH/USD is showing positive signs and could gain momentum …
Aayush JindalMarch 12, 2019 3:21 PM
March 12, 2019 3:21 PM
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Ether’s price rebounded recently from weekly lows against the US dollar and bitcoin. ETH/USD is showing positive signs and could gain momentum above the $135.00 resistance.

Key Highlights

Ether’s price traded to a new weekly low at $128.76 but later rebounded higher against the US dollar.

ETH/USD is facing a major resistance near $135.50 and a bearish trendline on the 2-hour chart.

ETH/BTC found support and corrected above the 0.0342BTC resistance.

Technically, the 2-hour chart indicators moved back sharply into bullish territory.

Ether Price Analysis (ETH)

Yesterday, we discussed the chances of a downside extension below $132.00 and $130.00 in ETH/USD. The pair did break the $130.00 support, but it found a strong buying interest and later corrected sharply higher above $132.00.

ETH/BTC also found a strong support near the 0.0340BTC level and bounced back recently. It broke the 0.0342BTC resistance, and it seems like it could surpass the 0.0345BTC resistance.

Ethereum Price Analysis ETH

Starting with the 2-hour chart of ETH/USD, the pair declined sharply below the $132.00 and $130.00 support levels. A new weekly low was formed at $128.76 but the price later rebounded above the $130.00 and $132.00 levels.

Ether climbed above the $134.00 resistance and the 50 percent Fibonacci retracement level of the drop from the $139.00 swing high to $128.76 low. However, the price ran into major resistance near $135.50 and a bearish trendline on the same chart.

Additionally, the 61.8 percent Fibonacci retracement level of the drop from the $139.00 swing high to $128.76 low acted as a resistance near $135.00. The price is currently consolidating gains, and it seems like it could make another attempt to surpass the $135.00-135.50 resistance zone.

Ether Price Analysis Chart

Should Ether settle above $135.50, the price could gain bullish momentum toward the $138.00 or $140.00 resistance levels. The 30-minute chart of ETH/USD suggests that the pair may be forming a bullish flag pattern, with resistance near $135.00.

Therefore, a successful push above the $135.00 resistance will likely boost the market sentiment in the near term. On the downside, there are many supports such as $133.00, $132.00, and $130.00.

Important Resistance Levels

$135.00 and $138.00

Important Support Levels

$132.00 and $130.00

2-hour RSI

The RSI is currently just above the 50 level.

2-hour MACD

The MACD moved back in 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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Ripple Could Be Interesting Consolidating Around $0.3 – XRP Price Analysis March.11

The XRP market has now only increased by a total of 2.32% over the past three months which indicates the poor performance by the coin, compared …

The Ripple market continues to remain stagnant as price action persists in trading sideways. The XRP market has now only increased by a total of 2.32% over the past three months which indicates the poor performance by the coin, compared to other major altcoins: In comparison, Litecoin is up 133%, and Binance Coin is up 200% over the past 90 days.

Ripple remains ranked in the third position of the leading cryptos by market cap, as it currently holds a $12.88 billion market cap value. Overall, XRP has the potential to surge aggressively in case the $0.32 and $0.34 resistance area could get breached following a decent amount of volume.

Looking at the XRP/USD 1-Day Chart:

  • Since our last Ripple analysis, we can see that XRP had failed to break above the resistance at the $0.3257 level and continued to fall into support at the lower boundary of the price channel that Ripple has been trading inside since late January 2019.
  • From above: The nearest level of resistance remains $0.3257.Further resistance lies at $0.3329 and the mentioned $0.34. Above $0.34 lies the 100-days moving average, before the $0.35 level. If the buyers can break above $0.35 higher resistance – the next level lies at $0.3613 and $0.38.
  • From below: The closest support lies at the lower boundary of the ascending price channel. If the market breaks below, support then lies at the $0.3028 and $0.30 levels. Below $0.30, we can expect support at $0.2927 and $0.2858.
  • The RSI continues to trade around the 50 level as the market decides where to head toward next.
  • The trading volume is around not significant.

xrp_usd_11mar19

Looking at the XRP/BTC 4-Hour Chart:

  • Ripple had struggled to break above the resistance around 8076 SAT and continued to decline into support beneath the 7971 SAT area, at the downside 1.414 Fibonacci Extension level towards the 7940 SAT level. XRP has since rebounded from that support as it now trades around 8000 SAT.
  • From above: The nearest resistance lies at the 8076 SAT level at the .5 Fibonacci Retracement level. Above this, higher resistance lies at 8244 SAT and 8404 SAT. This is then followed by 8543 SAT resistance, where lies the .382 Fibonacci Retracement level and further above lies the 8697 – 8700 SAT resistance.
  • From below: The nearest support is at the current level of 8000 SAT followed by the 7971 SAT. Below we can expect 7915 SAT, and 7813 SAT support, where lies the downside 1.414 Fibonacci Extension level.
  • The RSI has recovered from bearish territory beneath 50 and is now attempting to travel higher above the 50 level.

xrp_btc_11mar19

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Crypto Weekly Byte: Market Struggles to Break Higher, Litecoin Gains Over 80% in a Month

The crypto market continues to trade in a very narrow and tight range, with directionless momentum. And, the market in recent past has struggled …
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The crypto market continues to trade in a very narrow and tight range, with directionless momentum. And, the market in recent past has struggled multiple times to break higher and witnessing sell-off around the important levels.

One of the positive development in the market is the increased level of trading activities with 24-hour volume hovering around the $30 billion levels. Also, the market is showing resiliency with the total market cap is holding above $130 billion level.

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The market continues to be volatile with both bulls and bears lacking fundamental support that could push the price action on either side.

Here is the technical analysis of the top 5 cryptocurrencies:

Bitcoin

Overall, Bitcoin remained positive with sideways price action as it is trying to form a strong base around. The 50 Day EMA underneath is offering strong support to the market and is likely to continue to gain momentum. I think the $4,000 level above will continue to offer a strong resistance and will witness a lot of selling pressure, until and unless there is any significant change in the fundamentals in terms of regulatory action.

The $3,800 level underneath is strong support and if the BTC price goes below this level, then we can witness selling down to the $3,500 level.

Ethereum

Ethereum has been successful in holding on the gains in the past week and the $135 level around is currently offering strong support. Post the smooth network upgrade, Ethereum is witnessing a strong build-up of bulls in the market and a break above $150 level, would be very positive for the market. I think range-bound momentum is likely to continue for some more time in the market.

The 50 Day EMA and $120 level underneath is strong support, and if it breaks below then we can again see the $100 level.

Ripple

Ripple on the daily chart looks extremely bearish and is moving inside a symmetrical triangle formation. The last candle is hugging the lower trendline and is also struggling to break higher the upper trendline. I think, its a matter of time Ripple will witness a selloff and could reach down to the $0.2890 level, which is the next strong support line for the pair. And, 50 Day EMA above is also offering strong resistance to pair and given the weak momentum of the market, its unlikely to be broken anytime soon.

Litecoin

Litecoin gained close to 18 per cent in the past week, bouncing from the $46 level, up to the $55 level. And, in past one month, it has been the top performing legacy cryptocurrency with gains above 80 per cent. I think the bullish sentiment in the pair is likely to continue with dips attracting buyers.

If we see the longer term charts, in the monthly chart, Litecoin has bounced after forming a bottom at $30 level, and both stochastic and RSI oscillators are indicating bullish pressure. The $75 level above is massively resistive and needs a strong momentum to break above that region.

EOS

EOS bounced higher from the 61.8% Fibonacci retracement scale ($3.12 level), but now is witnessing strong resistance at the $3.90 level which is also the 23.6% in Fibonacci retracement scale. The stochastic oscillator on the daily chart showing bullish pressure is likely to continue further. A cross above $3.90 and $4 level would be extremely positive and will bring back the buyers.

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Bitcoin price prediction: BTC/USD slips below $3900 – Confluence Detector

The price went as high as $3,947 on Sunday, but it seems that Bitcoin bulls are not ready yet for a decisive breakthrough. BTC/USD moved below …
  • BTC/USD are not ready to act.
  • A move back below $3,900 might trigger more selling pressure.

BTC/USD dropped like a stone, unable to settle above a critical $3,900 area. The price went as high as $3,947 on Sunday, but it seems that Bitcoin bulls are not ready yet for a decisive breakthrough. BTC/USD moved below SMA50 and SMA100 (1-hour) to trade at $3,877 at the time of writing, off the Asian low touched at $3,847.

BTC/USD the daily confluence detector

We have a bunch of strong technical levels right above the current price and up until $3,950 handle. The resistance zone is going to be a hard nut to crack for Bitcoin bulls. The confluence of technical indicators include:

  • Lower boundaries of Bollinger Band on 1-hour and 15-min charts
  • A host of significant SMA levels like SMA100 and SMA50 (1-hour), SMA10 (4-hour)
  • Fibo retracement levels (38.2% monthly and daily, 23.6% daily, 61.8% daily)

A sustainable move above this area will clear up the way towards the next resistance zone $4,000 (Fibo 23.6% monthly and 61.8% Fibo retracement weekly) and $4,200 strengthened by the previous month high.

Below the current price, we can see a confluence of technical indicators, including SMA100 (4-hour), midline line of daily Bollinger Bands, a lower boundary of 4-hour Bollinger Band, 23.6% and 38.1% Fibo retracement weekly, SMA50 4-hour, SMA200 1-hour.

The next barrier is seen below $3,800 (Fibo retracement 61.8% weekly). It is followed by psychological $3,700 strengthened by 61.8% Fibo retracement monthly and the previous week’s low.

BTC/USD, 1D

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The Ethereum Golden Cross: A Break Above $142 Could Send ETH Toward $170 – Price Analysis …

Ethereum has been trading sideways over the previous week as the market attempts to break clearly above the $140 resistance level. Despite the …

Ethereum has been trading sideways over the previous week as the market attempts to break clearly above the $140 resistance level. Despite the recent stagnant market movement, the coin is still up by a total of 28% over the past 30 days and up 53% over the past 90 days.

Ethereum currently holds a $14.46 billion market cap value which places the coin in the second position amongst its rival Ripple. The market had recently undergone a significant network upgrade, however, price action is still yet to see a substantial reaction from this event. This might take place after investors witness the improvements to the scalability of the Ethereum blockchain.

Looking at the ETH/USD 1-Day Chart:

  • Since our previous Ethereum price analysis, we can see that the market had rebounded from the support at the $128 level at the .619 Fibonacci Retracement level. After bounding, the market went on to rise into resistance at the $142 level and has failed thus far in breaking above this resistance.
  • From above: The nearest resistance above $142 lies at the $152 and $161 levels. Further higher resistance then lies at $168 and at $170 where lies the bearish .618 Fibonacci Retracement level.
  • From below: The nearest support lies at $135. Support beneath $135 lies at $128 where the .618 Fibonacci Retracement is located. Support beneath $128 can be expected at $125, $120 and $116.
  • The RSI continues to trade along the 50 level as the bulls and bears battle for momentum within the market.
  • The trading volume has been decreasing during March.

eth_usd_8mar19

Looking at the ETH/BTC 1-Day Chart:

  • We can see that ETH/BTC had held support at 0.03357 BTC following our previous analysis. The market then went on to rise into resistance at 0.03590 BTC where lies the .382 Fibonacci Retracement level. Price action is now trading above support around the 0.035 BTC level.
  • One noteworthy observation is the recent cross of the 50-days moving average line (marked in orange) above the 200-days moving average line (marked in black). Known by the term of Golden Cross, and usually is a very bullish long-term signal.
  • From above: The nearest resistance lies at 0.03590 BTC. Further resistance above is then located at 0.03696 BTC and 0.038 BTC. If the bulls can break above 0.038 BTC, then further resistance lies at 0.040 BTC.
  • From below: The nearest support lies at 0.03357 BTC. The 50 MA also lies here bolstering the support. Further support below this lies at 0.0325 BTC, 0.03158 BTC, and 0.030 BTC.
  • The RSI is also trading along the 50 level which shows the indecision within the market.
  • The trading volume has also decreased in the first week of March.

eth_btc_8mar19

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