February 20, 2019 4:12 PM
Ether’s price rebounded after a short-term correction against the US dollar. ETH/USD remained above the key $140.00 support, but ETH/BTC broke the 0.0370BTC support.
Ether’s price corrected lower and tested the $142.00 support area against the US dollar.
A crucial bullish flag is formed with resistance near $149.00 on the 2-hour chart of ETH/USD.
ETH/BTC traded below the 0.0370BTC support and could test 0.0365BTC.
Technically, the 2-hour chart indicators are gaining momentum in bullish territory.
Ether Price Analysis (ETH)
Yesterday, we discussed a short-term downside correction from the $150.88 high in ETH/USD. The pair did decline below the $145.00 support, but it stayed well above the key $140.00 support area and later bounced back.
ETH/BTC extended its downside correction below 0.0375BTC and traded below the 0.0370BTC support level. It seems like the pair might continue to decline, and it could revisit the 0.0365BTC support.
Starting with the 2-hour chart of ETH/USD, the pair clearly struggled to break the $150.00 resistance area and later declined. It broke the $145.00 and $144.00 support levels, but buyers protected the $142.00 support and the 23.6 percent Fibonacci retracement level of the upward move from the $120.44 low to $150.88 high.
Ether bounced back above $145.00 and retested the $149.00-150.00 resistance area. More importantly, it seems like there is a crucial bullish flag formed, with resistance near $149.00 on the same chart.
Should Ether break the $150.00 resistance, it could rally toward the $160.00 resistance or this year’s high of $163.57 (formed on January 06, 2019). Conversely, a downside break below the $142.00 and $140.00 supports might trigger an extended decline toward the $132.00 support.
Moving down to the 30-minute chart of ETH/USD, there was a break above a bearish trendline at $144.20. The price even traded above $145.00 and settled above $146.00. The current price action suggests that buyers are struggling to gain strength above $148.00.
Therefore, there are chances of another downside correction toward $146.00 or $144.00 before Ether’s price makes an attempt to break $149.00-150.00. On the negative side, a continuous failure near the $150.00 resistance could start a significant decline below $140.00 in the coming sessions.
Important Resistance Levels
$149.00 and $150.00
Important Support Levels
$144.00 and $142.00
The RSI is moving higher toward the 70 level.
The MACD is placed nicely in the bullish zone.
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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