Prediction of Ethereum prices: Ether Confined in Crucial Range

Key points

The price of Ether was traded in an interval below the resistance of $ 125.00 against the US dollar.

A downtrend line is formed, with a resistance of $ 122.50 on the 30-minute chart of Eth / USD.

ETH / BTC is consolidating above the 0.0330BTC support, with immediate resistance at 0.0340BTC.

Technically, the 30-minute chart indicators are moving higher in bearish territory.

Price analysis of the ether

In the last few hours, the moves were mostly higher than the support of $ 118.00 in ETH / USD. The pair made an upward move and passed the resistance of $ 123.00, but failed to clear the $ 124.50-125.00 area.

ETH / BTC have also been traded in a very small range above the 0.0330BTC support area. On the upside, the main resistance is at 0.0340BTC, above which the pair could start a short-term uptrend at 0.0350BTC and 0.0362BTC.

Starting with the 30-minute ETH / USD chart, the pair has recently repeated the support area of ​​$ 118.00 and traded at $ 118.21. Later, Ether climbed higher and broke resistance levels of $ 122.00 and $ 123.00. However, buyers failed to push the price over the $ 125.00 hurdle and a maximum was formed at $ 124.55.

Subsequently, the price started a downward correction and moved below $ 122.00 and the Fibonacci retracement level to 50% from the low of $ 118.21 to $ 124.55.

However, the $ 120.00 level acted as support along with the Fibonacci retracement level of 61.8 percent of the same move up. The price is currently trading above the support of $ 120.00 and could be traded higher towards $ 122.00 and a bearish trend line with resistance at $ 122.50 on the same chart.

A successful close above the trend line could push Ether's price towards the resistance zone of $ 124.50-125.00, above which buyers are likely to take control in the short term. On the other hand, a bearish break below $ 120.00 and $ 118.00 will most likely accelerate the downtrend moves towards $ 115.00 and $ 112.00.

Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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