December 24, 2018 3:52 PM
Ether’s price climbed sharply higher against the US dollar and bitcoin. ETH/USD broke the $150.00 resistance and now it could trade toward the $165.00 resistance.
Ether’s price surged higher and broke the $140.00 and $150.00 resistances against the US dollar.
A crucial bullish trendline is formed with support at $140.00 on the 2-hour chart of ETH/USD.
ETH/BTC rallied above the 0.0320TBTC and 0.0350BTC resistance levels.
Technically, the 2-hour chart indicators are extending upsides in the overbought territory.
Ether Price Analysis
In the ETH/USD weekly analysis, we discussed the chances of an upside break above $132.00 and a test of $140.00. The pair has traded sharply higher in the past few sessions, gaining more than 15 percent and breaking the $140.00 and $150.00 resistances.
ETH/BTC followed a similar path and rallied above the 0.0320BTC resistance. The pair even cleared the 0.0350BTC resistance, opening the door for an upside extension toward the 0.0380BTC barrier.
Looking at the 2-hour chart of ETH/USD, the pair dipped a few points after testing the $135.00 level. However, losses were limited and Ether found support near $125.00. The price recovered nicely and broke the $150.00 resistance. A new monthly high was formed at $151.36, and the price is currently consolidating gains.
An initial support is near the $148.00 level, below which the price could test a crucial bullish trendline with support at $140.00. Moving down to the 30-minute chart of ETH/USD, the pair seems to be preparing for more gains above the $150.00 and $152.00 levels.
A successful hourly close above the $152.00 level may set the pace for a push toward the $158.00-160.00 zone. The next major resistance is near the $165.00 level (the previous key support in November 2018).
To the downside, the $144.00 level is a short-term pivot level along with the 23.6 Fibonacci retracement level of the recent move from the $124.52 low to $151.36 high. The current price action is super bullish above the $140.00 support, and Ether’s price will most likely climb above $155.00 and $158.00 in the near term.
Important Resistance Levels
$155.00 and $165.00
Important Support Levels
$144.00 and $140.00
The RSI is currently well above the 70 level.
The MACD is gaining momentum in the bullish zone.
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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