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21 December 2018 16:00
The price of Ether has gained bullish momentum above the major resistance against the US dollar and bitcoin. ETH / USD remains supported near $ 112.00 and $ 110.00.
Key points
The price of Ether rose above the resistance of $ 115.00 and tried $ 120.00 compared to the US dollar.
ETH / BTC resumed its move to the top and exceeded the resistance of 0.0280BTC.
Technically, the 2-hour chart indicators are shrinking from the overbought zone in bullish territory.
Price analysis of the ether
The last sessions were very positive as there were further gains in ETH / USD above the resistance levels of $ 112.00 and $ 115.00. The pair traded at a new weekly high at $ 120.84 and was later corrected lower.
More importantly, ETH / BTC started a solid upward movement and broke resistance levels of 0.0275BTC and 0.0280BTC. The pair has positioned above 0.0280BTC and it seems that it could extend the current wave to 0.0292BTC.
Looking at the 2-hour chart of Eth / USD, the pair broke resistance levels of $ 108.00 and $ 110.00. It cleared the route above $ 115.00 and Ether traded a new weekly high for $ 120.84. Later, there was a downward correction, but the price was well supported above $ 112.00.
The price currently follows a rising channel and support at $ 115.00, below which there is a strong uptrend line, with support close to $ 110.00.
Turning to the 30-minute chart, ETH / USD seems to consolidate gains above the support of $ 112.00 and a bullish trend line, with support for $ 114.00. If there was a downside break below $ 112.00, the price could test the $ 110.00 support and the 50 Fibonacci retracement level of the recent wave from the low of $ 101.08 to $ 120.84.
At the top, there is a short-term bearish trend line at $ 117.50, beyond which there may be a new rally towards resistance levels of $ 120.00 and $ 125.00. A follow-through higher than the resistance of $ 125.00 could require further gains and accelerate Ether towards $ 132.00. The main support is $ 110.00, which in case of a break could put ETH buyers on the back foot.
Important resistance levels
$ 120.00 and $ 125.00
Important support levels
$ 112.00 and $ 110.00
2 hours RSI
The RSI is currently correcting towards level 60.
MACD at 2 hours
The MACD is slowly reducing its bullish bias.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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