Ethereum Rate Weekly Analysis: ETH Sets New 2019 High, Eyes $175

February 24, 2019

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ETH rate lastly broke the $149 and $150 resistance levels and acquired speed versus the United States Dollar.
The rate traded above the $160 resistance and formed a brand-new 2019 high above $165
There is a significant bullish pattern line formed with assistance near $148 on the 4-hours chart of ETH/USD (information feed by means of Kraken).
The set stays in a strong uptrend and it might speed up towards the $175 level in the near term.

Ethereum rate acquired bullish momentum above crucial resistances versus the United States Dollar and Bitcoin. ETH/USD may continue to increase and it might even break the $170 and $175 levels.

Ethereum Rate Analysis

This previous week, we saw a short combination pattern listed below the $150 resistance in ETH rate versus the United States Dollar. The ETH/USD set made numerous efforts to break the $149 and $150 resistance levels, however it stopped working. There was even a disadvantage correction listed below the $146 and $145 supports. Nevertheless, the $138 level served as a strong assistance and the rate was well above the 100 basic moving typical (4-hours). Lastly, purchasers acquired speed and had the ability to break the $149 and $150 resistance levels.

It broke the $154 resistance too and climbed up above the $160 resistance. More notably, the rate traded to a brand-new 2019 high above the $165 level. A high was formed at $166 and the rate is presently fixing lower. A preliminary assistance is near the 23.6% Fib retracement level of the last wave from the $139 low to $166 high. Nevertheless, there are numerous assistances on the disadvantage near the $155 and $153 levels. Additionally, the 50% Fib retracement level of the last wave from the $139 low to $166 high is likewise positioned near the $153 level. Lastly, there is a significant bullish pattern line formed with assistance near $148 on the 4-hours chart of ETH/USD.

Plainly, the rate stays well supported above the $153 assistance. The main support on the disadvantage might be $151 and the 61.8% Fib retracement level of the last wave from the $139 low to $166 high. On the benefit, a preliminary resistance is near the $168 and $170 levels. If there is a break above the $170 level, the rate might check the $175 level.

The above chart suggests that ETH rate is positioned in a strong uptrend above the $155, $153 and $151 assistance levels. For that reason, there are possibilities of more gains above the $170 level.