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Technical analysis

Bullish Ethereum Price Move Above $125 Resistance?

Amandeep Sonewane | Feb. 15, 2019
Bullish Ethereum Price Move Above $125 Resistance?

February 15, 2019 AtoZ Markets  - Ethereum has now seen a price surge of over 15% in the last 7 trading days, bringing the price of the coin at $124.43 mark, at the time of press. The coin is now sitting in 2nd position with a total market cap of $12.87 Billion, according to coinmarketcap stats. However, the crypto market still has room to recover after losing a total of around 30% over the previous 3 months.

Moreover, the long-awaited Ethereum Constantinople upgrade now draws closer and is expected to be implemented on block 7,280,000. It is estimated to occur by the end of February 2019. The upgrade was scheduled for last month but was delayed as an audit firm had found some bugs in the code which needed to be resolved.

Additionally, the upgrade will integrate a selection of Ethereum Improvement Protocols (EIPs) that is intended to improve the performance of the Ethereum blockchain network. Also, it might bring a great deal of excitement for the cryptocurrency as it starts to implement changes to make its blockchain network more competitive.

Ethereum Technical Prediction for 15-17 February

Yesterday, Ethereum price was unable to break the resistance around $125 level and declined below the $121 and $119 support levels. This drop led to the price of the coin falling below the $117 level and the 100 SMA. The bullish pattern line was broken with support around $121 mark on the 1H chart of ETHUSD pair. And, Ethereum's price drop up to $115 support and later corrected back upwards towards $117 handle.

Most importantly, the previous support levels around $121 and $122 level have now turned out as obstacles for the buyers. There is another bearish pattern line formed with resistance at around $121 level. In the current situation, it appears that the coin's price might bounce over the $125 mark, but the sellers will most probably push the price downside.

To sum up, Ethereum price is battling below the $125-127 resistance level. The price of the coin needs to move above the last high around $125 zone to proceed higher in the near term. If failed, there might be a danger of more declines below $121 and $119 levels in the upcoming days.

Ethereum Daily Pivot Points

Ethereum price has a significant daily support near $121 levels and resistance near $125 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.