Ethereum price analysis: $148.00 key weekly pivot
Ethereum price analysis highlights that the ETH/USD pair will turn technically bullish if price moves above the $175.00 level. The $220.00 level is a possible bullish target this week.
Ethereum staged a solid recovery last week, as the second largest cryptocurrency continued its strong trading correlation with Bitcoin.
Ethereum price analysis shows the cryptocurrency has a strong chance of keeping the recent bullish momentum alive while trading above the $145.00 level.
ETH/USD medium-term price trend
Ethereum staged a strong recovery alongside Bitcoin and the broader cryptocurrency market last week, after breaking above a key long-term trendline around the $125.00 level.
While it's currently too soon to call a long-term bottom in Ethereum, the technicals imply that the ETH/USD pair could easily trade much higher this week if the $150.00 level is surpassed.
Ethereum technical analysis shows the cryptocurrency could test towards the $220.00 level this week, following a triangle breakout.
Continued gains above the March 12 spike high, around the $148.00 level, should encourage bulls to test towards the ETH/USD pair’s 200-day moving average, around the $175.00 level.
Key medium-term resistance is found at the $200.00, $220.00 and $238.00 levels. Key technical support is found at the $130.00 and $125.00 levels.
ETH/USD short-term price trend
Ethereum technical analysis over the short term shows that the cryptocurrency is only bullish while price trades above the $210.00 level.
A bullish triangle pattern breakout occurred across the lower time frames last week, which encouraged technical buying.
Traders attempting to buy the ETH/USD pair may look for a correction back towards the $130.00 and possibly the $125.00 level.
ETH/USD technical summary
Ethereum technical analysis shows that the ETH/USD pair could rally towards the $220.00 level this week, following a bullish triangle breakout.