Technically, the 2-hour chart are moving higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed the importance of the $130.00 support area in ETH/USD. The pair dipped recently and tested the $130.00 support, where buyers emerged and protected further declines.
ETH/BTC stayed above the 0.0350BTC support, and it seems like it may continue to move higher. The next main resistance is at 0.0375BTC, above which the price may test the 0.0392BTC resistance.
Starting with the 2-hour chart of ETH/USD, the pair is trading in a broad range below the $142.00 and $145.00 resistance levels. Should Ether break the $145.00 resistance, the price may climb toward the $150.00 and $155.00 resistance levels.
On the downside, there is a strong support formed near the $132.00 and $130.00 support levels. Additionally, there is a key bullish trendline in place, with support at $133.00 on the same chart.
Finally, the 50 percent Fibonacci retracement level of the upward move from the $114.71 low to $150.06 high is also a decent support above the $130.00 level. If there is a downside break below the $130.00 support, sellers are likely to take control.
The next key support is near $125.00 and the 61.8 percent Fibonacci retracement level of the upward move. The current price action is positive above $132.00 and $130.00, but buyers need to gain momentum above the $142.00 resistance area.
To sum up, ETH/USD is preparing for the next break either above $142.00 or below $132.00 in the near term. The chances of an upside break are high as long as Ether is trading above $132.00-133.00.