Technically, the 6-hour chart indicators are placed nicely in bullish territory.
Ether Price Analysis (ETH)
After an extended downside correction, ETH/USD tested the $120.00 support area. Buyers protected a bearish break; later, the pair rebounded above the $121.00 and $122.00 levels.
ETH/BTC remained well-bid above the 0.0350BTC support and it climbed above 0.0380BTC. It seems like the pair is preparing for an upside break above the 0.0340BTC and 0.0342BTC resistance levels.
Starting with the 6-hour chart of ETH/USD, there was a solid upward move from the $102.00 support area. The pair rallied above the $110.00 and $115.00 resistance levels. There was a clear break above the $120.00 level and Ether traded as high as $126.59.
Later, the pair started a downside correction below $122.00, with consolidation moves. It seems like there is a key triangle in place, with current resistance near $124.00. Should Ether trade above the triangle resistance, the price could rally above the $126.59 high and the $128.00 resistance.
On the other hand, if there is a downside break below the triangle and the $120.00 support, the price will most likely extend the downside correction. The next major support is near $115.00 and the 50 percent Fibonacci retracement level of the upward move from the $101.05 low to $126.59 high.
Moving down to the 2-hour chart of ETH/USD, there are a few bearish signs below the $125.00 level. Having said that, there is a new bullish trendline forming, with support at $121.00.
Overall, it seems like the $120.00 and $121.00 support levels are significant. As long as ETH/USD is trading above $120.00, there is a high chance of an upside break above $124.00 and $126.50.