Ethereum Price Forecast: Ether Breaks $150, Could Test $165

Fibo Quantum

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.

Key Highlights

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.

Ethereum Price Analysis ETH

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.

Ether Price Analysis Chart

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

2-hour RSI

The RSI is currently well above the 70 level.

2-hour MACD

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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