Ethereum Price Forecast: Pullbacks In Ether Remain Attractive
Ether Price Analysis
Yesterday, we saw a sharp reversal in ETH/USD above the $125.00 resistance. The pair tested the $132.00 resistance and later corrected lower after the Constantinople hard fork was delayed.
ETH/BTC also reacted to the downside and declined below the 0.0345BTC and 0.0340BTC support levels. However, the 0.0335BTC level acted as a support; sooner or later, the pair could recover above 0.0340BTC.
The 2-hour chart of ETH/USD suggests that there was a sharp bearish reaction from the $132.00 resistance zone (as discussed yesterday). The pair dipped below the $125.00 support and tested the $120.00 pivot area, where buyers emerged.
The price bounced back above $125.00, at least temporarily, but upsides seem to be capped near $127.00, $128.00, and $130.00. At the outset, there is a breakout pattern formed with resistance at $128.00 on the same chart.
Should Ether break the triangle resistance and $130.00, the price could climb toward the $135.00 and $140.00 levels in the coming days. Alternatively, a downside break and close below $120.00 might clear hurdles for sellers in the near term.
Dropping down to the 30-minute chart of ETH/USD, there is a strong support formed near the $122.00 level and a bullish trendline. To the topside, an initial resistance is at $126.00, followed by a connecting bearish trendline at $128.00.
To sum up, recent short-term bearish moves found a strong buying interest near $120.00. Therefore, Ether could make another attempt to surpass the $128.00 and $130.00 resistances as long as it is above $120.00.