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Technical analysis

Forecast: Ethereum Price Signals Bullish Move Above $130 Zone

Amandeep Sonewane | Nov. 22, 2018
Forecast: Ethereum Price Signals Bullish Move Above $130 Zone

November 22, 2018 AtoZ Markets  - Ethereum is back in the green after its biggest sell-off in history. The volume of the Ethereum shows a big red spike that drove a lot of traders to panic sell. It all started after the Bitcoin Cash hard fork, where the coin split into two. Last five days was an awful period for the cryptocurrency investors.

As per the data from coinmarketcap.com, Ethereum price is trading above $133 level with the 24-hours volume of $159.52 Million. At the time of press, the coin has a market cap of $13.9 Billion.

Ether Might Bounce Back to $140- $150 Levels

Looking at the charts, after forming a decent near the $122 level, Ethereum price started a recovery against the USD. The ETHUSD pair recovered above the $125 and $130 levels to move above the danger zone. Later, the price of the coin gained traction and formed a base near $131-132 zone. Besides, there was a break above the 50% Fibonacci retracement level of the last drop from the $146 swing high to $122 swing lows.

The 100 SMA line is above the long term 200 SMA which indicates that the path of least resistance is towards the upward direction. This indicates the increase of confidence among the buyers for Ether, which might lead the price to gain traction towards the upper level.

On the hourly chart of ETHUSD pair, yesterday’s major bearish trend line was breached with resistance at $132 level. The pair is currently placed nicely above the $132 level, with a bullish trend formation. If the price of the coin gains traction, it could surpass the $140 resistance. It represents the 76.4% Fibonacci retracement level of the last drop from the $146 swing high to $122 swing low. Above $140, the next resistance is at $146 and the 100 hourly SMA. Finally, the main resistance is positioned near the $150 levels.

In conclusion, Ethereum price might correct further higher towards $140 and $150 level in the near term. However, the coin is likely to face huge resistance near the $150 handle. On the downside, an initial support is placed at $130 level, below which the price of the coin might decline to $120 levels.

  • RSI(14) is valued above 50 which signals "Buy" action in daily time-frame.
  • William%R – "Oversold" signal on the daily time-frame.
  • MACD(12,26) – "Buy" signal in daily charts.
  • ATR(14) – signals that Ether is less volatile.

Ethereum Pivot Points

Ethereum price has a significant support near $130 levels and resistance near $150 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.