Technically, the 6-hour chart is placed nicely in the bullish territory.
Ether Price Analysis
Yesterday, we discussed more gains in ETH/USD above the $155.00 resistance. The pair broke the $160.00 resistance and the $161.35 swing high to trade to a new yearly high at $163.57.
ETH/BTC also extended gains and broke the 0.0380BTC and 0.0400BTC resistance levels. The pair is trading with a positive bias and may accelerate toward the 0.0420BTC resistance.
Looking at the 6-hour chart of ETH/USD, the pair is clearly following a decent uptrend from the $80.00 and $90.00 support levels. There was a close above the $120.00 and $140.00 resistance levels, opening the doors for a push toward $165.00 and $170.00.
Recently, Ether struggled to gain traction above the $160.00 barrier and later corrected a few points. However, losses were contained near $140.00; later, the price bounced back above $150.00. On the downside, there are a couple of bullish trendlines formed, with supports near $150.00, $140.00, and $138.00.
The main support is near the $132.00 level, where buyers are likely to emerge if the price declines below $150.00 and $140.00. To the topside, there is a connecting resistance trendline in place at $165.00, above which the price may accelerate gains toward the $170.00 and $175.00 levels.
Moving down to the hourly chart of ETH/USD, the pair seems to be consolidating gains above the $155.00 support. The overall price action is positive above $155.00 and $150.00. Should Ether buyers succeed in clearing the $165.00 resistance, the price could continue to rise in the short term.