February 11, 2019 4:33 PM
Ether’s price is placed nicely in an uptrend against the US dollar and bitcoin. ETH/USD could continue to rise toward $130.00, and dips remain well-supported on the downside.
Ether’s price spiked above the $125.00 resistance and later corrected gains against the US dollar.
A connecting bullish trendline is formed with support at $121.00 on the 30-minute chart of ETH/USD.
ETH/BTC extended gains and broke the 0.0328BTC and 0.0330BTC resistance levels.
Technically, the 2-hour chart indicators are gaining strength in bullish territory.
Ether Price Analysis (ETH)
After a minor dip, ETH/USD rallied above the $123.15 high and broke the $125.00 resistance level. The pair traded to a new high at $126.06 and later corrected lower below $122.00.
ETH/BTC gained a solid bullish momentum and traded above the 0.0328BTC and 0.0330BTC resistance levels. The pair is now placed nicely above 0.0332BTC, with chances of a short-term downside correction toward 0.0330BTC.
Looking at the 2-hour chart of ETH/USD, there is a clear bullish trend in place above the $115.00 and $117.00 support levels. The recent decline found support near $120.00 and it seems like the pair is preparing for a fresh upward move in the near term.
To the topside, there is a connecting resistance trendline formed at $127.00, above which the price is likely to climb toward the $130.00 and $132.00 levels.
Dropping down to the 30-minute chart of ETH/USD, the pair is trading nicely above the $120.00 support and a connecting bullish trendline, with support at $121.00. Additionally, the 50 percent Fibonacci retracement level of the recent wave from the $116.33 low to $126.06 is also near $120.00.
To initiate a fresh rally, Ether’s price needs to gain pace above the $123.00 level and a short-term bearish trendline. The next stop for buyers could be $127.00, followed by $130.00 and $132.00.
On the flip side, if there is an extended downside correction below the $120.00 support, ETH may test the $117.00 or even $115.00 support zone.
Important Resistance Levels
$123.00 and $127.00
Important Support Levels
$120.00 and $117.00
The RSI is currently placed nicely above the 60 level.
The MACD is showing a lot of positive signs 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.
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.