Technically, the 2-hour chart indicators have reached the extreme over-bought zone in bullish territory.
Ether Price Analysis (ETH)
Yesterday, we saw a strong upward move in ETH/USD above the $140.00 resistance level. The pair traded toward the $150.00 resistance, where sellers emerged and the price started consolidating gains.
On the other hand, ETH/BTC started a downside correction from well above 0.0380BTC. The pair broke the 0.0380BTC and 0.0375BTC support levels. The next key support is near the 0.0368BTC and 0.0365BTC levels.
Looking at the 2-hour chart of ETH/USD, there was a strong rise above the $132.00 and $140.00 resistance levels. The pair even broke the $145.00 resistance and spiked above the key hurdle at $150.00. A new monthly high was formed at $150.88, and later the price started consolidating gains.
It seems like there is a new breakout pattern formed, with resistance near the $152.00 level. Should Ether trade above the $150.00 and $152.00 resistance levels, the next stop could be the $160.00 resistance or the $163.57 high (formed on January 06, 2019).
On the flip side, a bearish break below the $147.00 support could trigger a short-term downside correction. The main support is near the $140.00 level or the 23.6 percent Fibonacci retracement level of the move from the $120.78 low to $150.88 high at $142.50.
The 30-minute chart of ETH/USD suggests that the pair is following a key bullish trendline, with support at $147.20. If sellers gain pace below $147.20 and $147.00, Ether’s price might decline toward the $142.50 support.
To sum up, there are a few bearish signs on the 30-minute chart, but as long as Ether is trading above the $140.00 pivot level, it is likely to bounce back and break the $150.00 and $152.00 resistance levels.