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Technical analysis

Ethereum Price Might Turn Bullish Above $125 Resistance

Amandeep Sonewane | Feb. 14, 2019
Ethereum Price Might Turn Bullish Above $125 Resistance

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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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.