Technically, the 12-hour chart indicators are currently consolidating well above midlines in bullish territory.
Ether Price Weekly Analysis (ETH)
After forming a double-bottom pattern above the $100.00 support, ETH/USD started a strong upward move. The pair broke the $110.00 and $115.00 resistance levels to move into a positive zone.
ETH/BTC also followed a bullish pattern and traded above the 0.0330BTC and 0.0335BTC resistance. The pair is now placed in an uptrend and could continue to move higher toward the 0.0342BTC and 0.0345BTC resistances.
Looking at the 12-hour chart of ETH/USD, there was a clear upside break above the $105.00 resistance and a bearish trendline at $106.00. The pair rallied above the $115.00 resistance and the 50 percent Fibonacci retracement level of the decline from the $132.61 high to $101.05 low.
More importantly, there was a break above the $120.00 resistance and the price traded to a new monthly high at $126.59 before starting a downside correction. It seems like there is a crucial bullish continuation pattern formed, with resistance at $124.00 on the same chart.
Should Ether break the triangle resistance and $126.50, the price could accelerate toward the $130.00 and $132.00 resistance levels. Conversely, a downside break below the $122.00 and $120.00 support levels might spark a significant downside correction.
To the downside, the main support is near the $115.00 level (the previous resistance), below which Ether’s price could test the $110.00 support. Moving down to the 2-hour chart of ETH/USD, the pair is following a solid bullish trendline, with support at $121.80.
The current price action is positive, and it seems like ETH's price could continue to move higher toward the $126.50 resistance area. To gain bearish momentum, sellers need a successful close below $121.80 and $120.00 in the coming days. If not, there are high chances of an upside acceleration toward $130.00 and $132.00.