February 24, 2019 3:05 PM
Ether’s price climbed sharply to new yearly highs against the US dollar and bitcoin. ETH/USD remains in a strong uptrend and could test $180.00 in the coming days.
Ether’s price broke the all-important $150.00 resistance and surged above $160.00 against the US dollar.
A key bullish trendline is in place with support at $140.00 on the 12-hour chart of ETH/USD.
ETH/BTC rallied above the 0.0380BTC and 0.0390BTC resistance levels.
Technically, the 12-hour chart indicators are retreating from the over-bought zone.
Ether Price Weekly Analysis (ETH)
This past week, we discussed the importance of the $150.00 resistance for ETH/USD and a possible upside break. The pair did break the $148.00 and $150.00 resistance levels, opening the doors for a sharp rally.
ETH/BTC completed a short-term downside correction near the 0.0365BTC support. Later, the pair bounced back and broke the 0.0379BTC and 0.0390BTC resistance levels. The next key resistance is at 0.0400BTC, above which Ether could accelerate toward 0.0420BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the recent bullish trend and strong uptrend. The pair consolidated below the $150.00 resistance and above the $140.00 support. Finally, buyers gained traction and climbed above the $150.00 and $160.00 resistances.
The recent rise gained pace, resulting in a new yearly high at $167.41. However, it seems like the $165.00 and $167.00 resistance levels acted as key hurdles. Ether’s price started a downside correction and traded below the $160.00 support level.
However, there are many supports on the downside above the $140.00 level. There is also a key bullish trendline is in place, with support at $140.00 on the same chart.
Moving down to the 2-hour chart of ETH/USD, there is a strong support formed near the $148.00 and $150.00 levels (the previous resistance levels). Additionally, a crucial bullish trend line could prevent losses below $147.00.
The overall price action is super bullish and the recent bullish break above $150.00 has cleared the path for more upsides in the coming days. There could be a short-term downside correction in ETH, but dips are likely to find buyers near $148.00, $147.00, and $140.00.
The MACD is placed nicely in the bullish zone.
The RSI is correcting lower from the over-bought levels.
Weekly Support Levels
$148.00 and $140.00
Weekly Resistance Levels
$165.00 and $180.00
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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