Technically, the 2-hour chart indicators are gaining strength in bullish territory.
Ether Price Analysis (ETH)
After a minor dip, ETH/USD rallied above the $123.15 high and broke the $125.00 resistance level. The pair traded to a new high at $126.06 and later corrected lower below $122.00.
ETH/BTC gained a solid bullish momentum and traded above the 0.0328BTC and 0.0330BTC resistance levels. The pair is now placed nicely above 0.0332BTC, with chances of a short-term downside correction toward 0.0330BTC.
Looking at the 2-hour chart of ETH/USD, there is a clear bullish trend in place above the $115.00 and $117.00 support levels. The recent decline found support near $120.00 and it seems like the pair is preparing for a fresh upward move in the near term.
To the topside, there is a connecting resistance trendline formed at $127.00, above which the price is likely to climb toward the $130.00 and $132.00 levels.
Dropping down to the 30-minute chart of ETH/USD, the pair is trading nicely above the $120.00 support and a connecting bullish trendline, with support at $121.00. Additionally, the 50 percent Fibonacci retracement level of the recent wave from the $116.33 low to $126.06 is also near $120.00.
To initiate a fresh rally, Ether’s price needs to gain pace above the $123.00 level and a short-term bearish trendline. The next stop for buyers could be $127.00, followed by $130.00 and $132.00.
On the flip side, if there is an extended downside correction below the $120.00 support, ETH may test the $117.00 or even $115.00 support zone.