Technically, the 12-hour charts are currently near midlines in bearish territory.
Ether Price Analysis
The past three sessions turned out to be super bullish on Ether. The price started a solid upward move from the $114.64 low and jumped above the $123.00 and $125.00 resistance levels.
ETH/BTC found a strong buying interest, resulting in bullish moves above 0.0340BTC. The pair broke the 0.0350BTC resistance and may continue to climb toward the 0.0365BTC resistance.
Let’s look at the 12-hour chart of ETH/USD to understand the recent reversal from the $114.64 low. After a strong downward move below $140.00 and $120.00, it seems like Ether found support near the 28 December 2018 low. There were a few spikes near the $114.00-115.00 support zone (as pointed out in the weekly analysis), and the price later jumped sharply.
More importantly, the price found support near the 61.8 percent Fibonacci retracement level of the last major recovery from the $82.12 low to $163.57 high. The last 12-hour candle is suggesting a positive change in the trend, but the price is currently struggling near a significant resistance at $130.00-132.00.
Additionally, there is a crucial bearish trendline in place with resistance at $135.00 on the same chart. Should Ether surpass the $132.00 and $135.00 resistances, it could establish a double pattern above $114.00 and the price may rally above $140.00 and $150.00.
On the flip side, a failure to break the bearish trendline could trigger a fresh decline to $126.00 or $125.00. To the downside, there is a strong support formed near $122.00 and a bullish trendline on the 2-hour chart of ETH/USD.
Overall, the recent rally has reached a crucial juncture and Ether could either extend gains above $135.00 or decline back to $122.00 and $120.00.