December 31, 2018 4:14 PM
US dollar and bitcoin. ETH / USD is holding the key $ 130.00 support, but there are a few bearish signs on the charts.
$ 150.00 resistance against the US dollar.
A major bearish trendline breached at $ 125.00 on the 2-hour chart of ETH / USD.
ETH / BTC is consolidating gains above the 0.0350BTC support.
Technically, the 2-hour chart is currently near midlines in the bullish territory.
Ether Price Analysis
In the weekly analysis, we discuss a possible bullish break above $ 145.00 in ETH / USD. The pair did break the $ 142.00-145.00 resistance and tested the $ 150.00 resistance, where sellers emerged.
ETH / BTC tested the 0.0375BTC resistance level and later corrected lower. The pair is currently consolidating above the 0.0350BTC support and might continue to trade in a range before the next move, either toward 0.0375BTC or towards 0.0320BTC.
Looking at the 2-hour chart of ETH / USD, the pair formed a support base near $ 114.71 and later started a strong upward move. Ether even breached the $ 130.00 and $ 142.00 resistance levels. Buyers gained momentum above the $ 145.00 resistance and traded as high as $ 150.06.
However, there was no proper close above $ 145.00 and the price started consolidating gains. It moved below the 23.6 percent Fibonacci retracement level of the recent wave from the $ 114.71 low to $ 150.06 high.
To the downside, there is a decent support format at $ 135.00 and a bullish trendline. 130.00 level and the 50 percent Fibonacci retracement level of the recent wave.
The price must break the $ 142.00 and $ 145.00 resistance levels, above which buyers are likely to clear the $ 150.00 resistance. The main resistance awaits at the last swing high at $ 160.00.
The price is slightly bearish below $ 140.00. A successful break above the $ 145.00 barrier will most likely open the doors for an upside acceleration at $ 150.00 and $ 160.00 barriers. On the flip side, a break below $ 130.00 may push the price back towards $ 115.00
Important Resistance Levels
$ 142.00 and $ 145.00
Important Support Levels
$ 135.00 and $ 130.00
The RSI is placed just above the 50 level.
The MACD is slowly reducing its bullish slope.
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 information analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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