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Technical analysis

ETHUSD analysis: will the positive momentum continue?

Amandeep Sonewane | Feb. 25, 2019
ETHUSD analysis: will the positive momentum continue?

Ethereum price is likely preparing for the next bullish move against the USD. The ETHUSD pair might struggle between $140 and $150 for a short period, however, it could be a good indicator for the healthy price movement of Ethereum price to break above $152 resistance.

February 22, 2019 AtoZ Markets  - The Ethereum price has seen a massive bullish run, a remarkable 21% hike over the past week of trading, getting the price of the coin up to over $150 mark, at the time of press. The market cap of Ethereum is currently $15.53 billion as it comfortably sits in the second position of the largest cryptos by market cap, according to coinmarketcap stats.

Moreover, the Ethereum Foundation Grants Program has been continually improving experiment into how the EF can best invest the Ethereum community’s resources for the highest long-term impact on the Ethereum ecosystem. When the Grants Program began in early 2018, the core focus was on supporting scalability issues. This focus now expanded to include security, usability, privacy, and education.

In 2019, the core focus of the ETH community is to support critical Eth2.0 and layer 2 scaling. However, it remain open to any grant proposal which addresses urgent, important and unique improvements which is further the Ethereum vision.

ETHUSD price technical analysis for 22-24 February

Looking at the charts, Ethereum price started trading higher towards the $148 and $150 resistances against the USD. The price of the coin was not able to break the $148 resistance a couple of times. This resulted in Ether price dropping below $148 mark yesterday. The price of the coin traded near $144 support, where buying pressure increased. The price later corrected higher above $148 handle.

Most importantly, a bullish Harami candlestick has been formed in the weekly timeframe, which indicates bullish momentum in the near term. The above mentioned pattern is a more reliable addition to the standard Harami pattern. A bullish Harami pattern occurs in the first two candles while the third candle is a white candle with a higher close than the second candle, which confirms bullish trend to continue.

Right now, the $142-144 zone is acting as a daily support for the Ether. A new close over the $150 level is required for buyers to boost up strength. Moreover, buyers need to effectively break $152 to begin another upward wave. The next major resistance is around $157 mark. There is a bullish pattern line formed with support at $144 on the hourly chart of ETHUSD pair. A break below the $141 strong support could open the entryways for a sharp decrease in the coming time. It is quite essential for the buyers to maintain the $141 support for Ethereum price to rise further and break $152 hurdle.

To sum it up, Ethereum price is currently trading over the 141 and $144 support level. There are a couple of bullish patterns forming on the chart which are predicting a pullback above $155 price mark.

Ethereum Daily Pivot Points

Ethereum price has a significant daily support near $144 levels and resistance near $152 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.