Prediction of Ethereum prices: Ether pullbacks remain interesting

Key points

The price of Ether has been corrupted lower after the delay of the pitchfork of Constantinople.

A breakout pattern is formed with resistance to $ 128.00 on the 2-hour chart of Eth / USD.

ETH / BTC corrected below and tested support level 0.0335BTC.

Technically, 2-hour charts are currently just above the median line in bullish territory.

Price analysis of the ether

Yesterday we witnessed a net reversal of ETH / USD above the resistance of $ 125.00. The pair tested the resistance of $ 132.00 and was later corrected after the rigid fork of Constantinople was delayed.

ETH / BTC also reacted downwards and fell below support levels 0.0345BTC and 0.0340BTC. However, the 0.0335BTC level worked as a support; sooner or later, the pair could recover over 0.0340BTC.

The 2-hour chart of the Ethics / USD suggests that there was a strong downward reaction from the resistance zone of $ 132.00 (as discussed yesterday). The pair dropped below the $ 125.00 support and tested the pin area of ​​$ 120.00, where buyers emerged.

The price has rebounded above $ 125.00, at least temporarily, but the good points seem to be limited to around $ 127.00, $ 128.00 and $ 130.00. In the beginning, there is a format break pattern with resistance at $ 128.00 on the same chart.

If Ether breaks the resistance of the triangle and $ 130.00, the price could rise to $ 135.00 and $ 140.00 in the coming days. Alternatively, a bearish breakdown and a closing below $ 120.00 could erase obstacles for sellers in the short term.

Coming down to the 30-minute chart of Eth / USD, there is strong support formed near the $ 122.00 level and a bullish trend line. For the top, an initial resistance is $ 126.00, followed by a downtrend linking line at $ 128.00.

To sum up, the recent short-term downward movements have found a strong buying interest near $ 120.00. Therefore, Ether could make another attempt to overcome the resistances of $ 128.00 and $ 130.00 provided it is over $ 120.00.

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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