Technically, the 30-minute chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
Yesterday, we saw a major resistance near the $122.50 and $125.00 levels for ETH/USD. The pair formed a solid support above $118.00 and later climbed above the $123.00 and $125.00 resistances.
ETH/BTC is also showing positive signs above the 0.0330BTC support, and it seems like it could trade toward the 0.0340BTC resistance level. The next major hurdle for buyers is near the 0.0350BTC.
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $118.82 recently and started a nice upward move. It broke the $120.00 resistance and a contracting triangle, with resistance at $121.50. It opened the doors for more gains, and the price rallied above the $125.00 resistance.
A new intraday high was formed at $128.07; later, the price started a short-term downward correction. It declined below the $126.00 level and the 23.6 percent Fibonacci retracement level of the recent upward move from the $118.82 low to $128.07 high.
However, there are many supports on the downside, starting with $125.00. The next key support is near $123.00 and the 50 percent Fibonacci retracement level of the recent upward move. Finally, the previous resistance near the $121.50 level might act as a strong buy zone.
Moving down to the 15-minute chart of ETH/USD, there is a declining channel formed, with resistance near $126.00. Therefore, a break above $126.00 and $126.50 could start a fresh upward move toward $128.00 and $130.00 in the near term.
Overall, Ether moved into a positive zone above $123.00, and ETH/USD will most likely climb above $128.00 and $130.00.