Ethereum Price Forecast: Ether’s Rally Could Extend Above $145

Ether’s price gained bullish momentum and broke key resistances against the US dollar and bitcoin. ETH/USD is now placed nicely above $140.00 and could extend gains above $145.00.

Key Highlights

Ether’s price extended gains and traded above the $140.00 and $141.00 resistances against the US dollar.

ETH/USD settled above $140.00 and moved into a positive zone on the 6-hour chart.

ETH/BTC also gained traction and broke the 0.0345BTC and 0.0350BTC resistances.

Technically, the 6-hour chart indicators moved nicely into bullish territory.

Ether Price Analysis (ETH)

Yesterday, we saw a solid bullish break above the $132.00 resistance in ETH/USD. The pair extended gains above the $135.00 resistance and even climbed above the all-important $140.00 hurdle to move into a positive zone.

Similarly, ETH/BTC climbed higher and surpassed the 0.0345BTC resistance. Buyers gained control, resulting in a break above the 0.0350BTC resistance zone. The next key resistances are 0.0352BTC and 0.0355BTC.

Ether Price Analysis Chart ETH

Looking at the hourly chart of ETH/USD, there was a solid upward move initiated after the pair broke the $132.00 and $135.00 resistance levels. Ether rallied and surpassed the $140.00 and $141.00 resistance levels. It opened the doors for more gains and the price traded toward the $145.00 resistance.

A new high was formed at $145.16; later, the price started a downside correction. It traded below the $142.00 level and the 23.6 percent Fibonacci retracement level of the recent ride from the $130.17 low to $145.16 high.

However, the $140.00 support acted as a strong buy zone and prevented further declines. There is also a crucial bullish trendline in place, with support at $139.00 on the same chart. The next key support is near $137.00 and the 50 percent Fibonacci retracement level of the recent ride.

Ethereum Price Analysis ETH Chart

Moving up to the 6-hour chart of ETH/USD, the pair clearly broke the main resistance at $140.00 (now support). In the short term, there could be range moves near the $140.00 level, but the current price action and technical formation suggest more gains in Ether above the $145.00 resistance level in the coming sessions.

Important Resistance Levels

$144.00 and $145.00

Important Support Levels

$140.00 and $137.00

Hourly RSI

The RSI is currently correcting lower toward the 60 level.

Hourly MACD

The MACD is slowly losing strength in 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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