Technically, the 12-hour chart is gaining pace in the bullish territory.
Ether Price Weekly Analysis
This past week, there was a fresh upward move in ETH/USD from the $135.00 support area. The pair broke the $150.00 and $155.00 resistance levels, cleared the $160.00 barrier, and traded to a new yearly high at $163.57.
ETH/BTC surged higher and broke the 0.0380BTC and 0.0400BTC resistance levels. The pair even cleared the 0.0410BTC level and later started a downside correction below the 0.0400BTC support. The key support is at 0.0385BTC, followed by 0.0365BTC.
Starting with the 12-hour chart of ETH/USD, the pair is trading with a strong bullish bias above the $120.00 pivot level. The pair recently broke the $140.00 resistance and settled above $150.00. A high was formed at $163.57, and later the price started a short-term correction.
It tested the $155.00 support and is currently trading in a tight range. On the downside, there is a significant support near $145.00 and a bullish trendline with support at $142.00.
Should Ether trade below the $142.00 support, the price could test the next key support at $135.00. However, the main support is near the $120.00 pivot area and the 50 percent Fibonacci retracement level of the upward move from the $82.12 low to $163.57 high.
To the topside, the $160.00-165.00 area is a solid resistance, above which the price may accelerate toward the $170.00 and $175.00 levels. The main resistance is at $180.00, followed by $184.00.
The 2-hour chart of ETH/USD indicates that Ether’s price is preparing for the next break, with support at $148.00 and resistance near $157.00. The current price action is positive and there is a high chance of an upside break above $160.00 in the coming sessions.