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The price of Ether probably completed a short-term downward correction against the US dollar. The ETH / USD may continue to rise towards $ 160.00 or $ 170.00
Key points
The price of Ether found support close to $ 148.00 and recovered above $ 152.00 against the US dollar.
The ETH / USD beat a key bearish trendline with resistance at $ 151.00 on the 2-hour chart.
ETH / BTC has extended the recent correction under the 0.0380BTC key support.
Technically, 6-hour charts have remained above the midline and have moved higher in bullish territory.
Price analysis of the ether
Yesterday we discussed an important support area close to $ 148.00-150.00 for ETH / USD. The pair done test the support of $ 148.00, in which the buyers emerged; later, there was a strong bullish wave.
On the other hand, ETH / BTC failed to stay above the 0.0380BTC support and extended the recent downward correction. It seems that the pair can continue to decline towards the 0.0270BTC and 0.0265BTC supports.
The 6-hour chart of the Ethics / USD suggests that the pair started a downward correction from a maximum of $ 163.57 and fell below the $ 155.00 support. Sellers were able to push the price below the Fibonacci retracement level of 23.6% of the latest upward move from the low of $ 131.04 to a maximum of $ 163.57.
However, the decline was protected by a crucial support close to $ 148.00 and a bullish trend line. In addition, the Fibonacci 50% retracement level of the last upward move also acted as a strong support above $ 147.00.
The current 6-hour chart points to bullish signals above $ 150.00. If Ether settled above $ 155.00, the price could accelerate to resistance levels $ 160.00 and $ 162.00.
Coming down to the 2-hour chart of Eth / USD, the pair is gaining a bullish dynamic above $ 150.00 and has recently broken a key bearish trendline with resistance at $ 151.00. An initial resistance is $ 155.00-156.00, beyond which the price will most likely make another attempt to cancel the $ 160.00 obstacle.
A successful 2-hour close above $ 160.00 could open the doors to a new 2019 high above the $ 165.00 level. On the downside, the main media for Ether's buyers are $ 150.00, a bullish uptrend on the 6-hour chart and the $ 148.00 rotation area.
Important resistance levels
$ 156.00 and $ 160.00
Important support levels
$ 152.00 and $ 148.00
6 hours RSI
The RSI is climbing towards level 60.
MACD at 6 hours
The MACD has just returned to the bullish zone.
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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