Technically, the daily chart indicators climbed higher toward midlines in bearish territory.
This past week, there were bearish moves in ETH/USD below $110.00 before buyers defended the $100.00 support area. The pair started a solid upward move and broke key resistances at $106.00, $115.00, and $120.00.
ETH/BTC followed a similar pattern after it found support near the 0.0300BTC level. The pair bounced sharply and broke the 0.0310BTC and 0.0320BTC resistance levels. Ether is currently consolidating gains above 0.0320BTC, with chances of more gains toward 0.0330BTC.
Looking at the bigger picture, the daily chart of ETH/USD suggests that the pair may have formed a crucial bottom near the $100.00 support. Starting mid-January 2019, Ether’s price started a major decline from the $163.57 high and traded below the $120.00 support.
The price even broke the 50 percent Fibonacci retracement level of the upward move from the $82.12 low to $163.57 high. However, it found a strong buying interest near the $100.00 handle.
Finally, a nice double-bottom pattern was formed and the price jumped above the $110.00 resistance plus a bearish trendline on the same chart. It opened the doors for more gains and the price rallied above the $120.00 resistance.
A new monthly high was formed at $123.15 and Ether is currently consolidating gains. The 2-hour chart of ETH/USD suggests that the pair might be forming a bullish flag, with resistance near the $120.00 level.
Therefore, a successful break above the $120.00 level could set the pace for further upsides above the $125.00 and $130.00 levels. Conversely, if there is a short-term downside correction, ETH might find support near the $115.00 level. The next key support is near $110.00 and the 50 percent Fibonacci retracement level of the recent move from the $101.40 low to $123.15 high.
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 daily chart indicators climbed higher toward midlines in bearish territory. Ether Price Weekly Analysis (ETH)
This past week, there were bearish moves in ETH/USD below […]
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