Technically, the 6-hour charts stayed above their midlines and moved higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed an important support area near $148.00-150.00 for ETH/USD. The pair did test the $148.00 support, where buyers emerged; later, there was a sharp bullish wave.
On the other hand, ETH/BTC failed to stay above the 0.0380BTC support and extended the recent downside correction. It seems like the pair may continue to decline toward the 0.0270BTC and 0.0265BTC supports.
The 6-hour chart of ETH/USD suggests that the pair started a downside correction from the $163.57 high and declined below the $155.00 support. Sellers were able to push the price below the 23.6 percent Fibonacci retracement level of the last upward move from the $131.04 low to $163.57 high.
However, the decline was protected by a crucial support near $148.00 and a bullish trendline. Besides, the 50 percent Fibonacci retracement level of the last upward move also acted as a strong support above $147.00.
The current 6-hour chart is pointing to bullish signs above $150.00. Should Ether settle above $155.00, the price could accelerate toward the $160.00 and $162.00 resistance levels.
Dropping down to the 2-hour chart of ETH/USD, the pair is gaining bullish momentum above $150.00 and recently broke a key bearish trendline with resistance at $151.00. An initial resistance is at $155.00-156.00, above which the price will most likely make another attempt to clear the $160.00 hurdle.
A successful 2-hour close above $160.00 may open the doors for a fresh 2019 high above the $165.00 level. To the downside, the main supports for Ether buyers are at $150.00, a bullish trendline on the 6-hour chart, and the $148.00 pivot area.
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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Technically, the 6-hour charts stayed above their midlines and moved higher in the bullish territory. Ether Price Analysis
Yesterday, we discussed an important support area near $148.00-150.00 […]