February 14, 2019 AtoZ Markets - Ethereum was in bullish momentum on Wednesday, as the coin price streamed throughout the day. Trade volume for Ether reached as high as $3.5 billion and has been raised above the yearly average ever since the market crash which was on 14th December 2018. By yesterday's evening, the rally had turned out to be a bearish one, and Ether was priced back down at $123 at time of press.
Surprisingly, the highest amount of trades comes from DOBI Exchange. The platform which has reported a close to half a billion worth of transactions in the past day. Its ETHBTC pair accounts for $200 M of that sum, a huge number from Chinese exchange which doesn’t look too welcoming to Western countries.
Ethereum Technical Analysis
As per the technical charts, EThereum price faced a downward correction after reaching $125 against the USD. Ether price soon moved below the major supports between $122 and $120.levels. The crucial support between $117-118 proved quite strong and stopped the price from moving further downwards. The coin has started an bullish trend later as the price moved back above $119 resistance zone.
Moreover, Ethereum price moved above the $121 resistance mark and currently it is placed nicely over the 100 hourly SMA. The coin also has faced huge selling pressure around $122-123 zone which stopped the price from moving upside. Ether price is currently well situated above $120 support level and it is expected to rise higher by breaking the current resistance. Most importantly, the nearest resistances are around $123 and $125 level. There is a bullish pattern line formed with support around $120 level on the hourly chart of ETHUSD pair.
To sum up, Ether price is trading in a bullish pattern above $117 and $120 level. If the price of the coin starts to drop, a good number of buyers are placed around $117 and $120 level which will likely stop the price from moving downwards. If Ether's price is able to break the resistance around $125 mark, it might most likely move towards $128 handle.
Ethereum Daily Pivot Points
Ethereum price has a significant daily support near $121 levels and resistance near $127 levels.
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