Ethereum Price Forecast: Ether Eyeing Rebound Above $142

February 27, 2019 4:19 PM

Ether’s price is correcting higher against the US dollar and bitcoin. ETH/USD could attempt to break the $142.00 resistance, above which it may trade to $150.00.

Key Highlights

Ether’s price stayed above the $134.00 support and rebounded against the US dollar.

A connecting bullish trendline is formed with support at $136.40 on the 30-minute chart of ETH/USD.

ETH/BTC started an upside correction and traded above the 0.0360BTC resistance.

Technically, the 2-hour chart indicators are rising higher in bearish territory.

Ether Price Analysis (ETH)

Recently, ETH/USD formed a decent support near the $134.00 level. The pair started a short-term upside correction and broke the $136.00 resistance before sellers appeared near the $141.00 level.

ETH/BTC tested the key 0.0352BTC support level and later corrected higher. It broke the 0.03580BTC and 0.0360BTC resistance levels. It seems like Ether’s price might continue to recover toward the 0.0364BTC resistance.

Ethereum Price Analysis ETH Forecast

Starting with the 2-hour chart of ETH/USD, the pair began trading in a range after it declined from $167.41 to $133.12. There was an upside correction, but the $142.00 resistance and the 23.6 percent Fibonacci retracement level of the downward move from the $167.41 high to $133.12 low acted as a resistance.

The price retreated from highs and later formed a decent support near the $134.00 level. Ether is once again moving higher, and it seems like it is in the third wave from the $133.12 low. In the coming sessions, the price could continue to trade in the $132.00-142.00 range before the next crucial break.

Should buyers push the price above the $142.00 resistance, the next stop for them could be $150.00 and the 50 percent Fibonacci retracement level of the downward move from the $167.41 high to $133.12 low.

Ether Price Analysis Chart

On the flip side, a downside break below the $134.00 support and the $133.12 swing low will likely open the doors for a fresh drop. The 30-minute chart of ETH/USD suggests that the pair is following a connecting bullish trendline, with support at $136.40.

To the topside, an initial resistance awaits at $139.20, above which the price could challenge $141.00 and the main resistance at $142.00. The current technical structure is positive on the 30-minute chart, but Ether buyers need to clear the $140.00, $141.00, and $142.00 hurdles to start a substantial rebound.

2-hour MACD

The MACD is about to move into the bullish zone.

2-hour RSI

The RSI climbed higher and is currently near the 40 level.

Important Support Levels

$134.00 and $132.00

Important Resistance Levels

$140.00 and $142.00

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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