Technically, the 6-hour chart indicators are gaining pace in bullish territory.
Ether Price Weekly Analysis (ETH)
In yesterday’s analysis, we discussed the chances of ETH/USD hitting the $130.00 resistance. The pair did move higher, breaking the $126.50 resistance, and spiked above $130.00 before sellers appeared near $133.00.
ETH/BTC also gained bullish momentum above the 0.0340BTC resistance levels. The pair broke the 0.0345BTC and 0.0350BTC resistance levels. A new monthly high was formed near 0.0353BTC before the price corrected below 0.0350BTC.
Let’s look at the 6-hour chart of ETH/USD to understand the recent trend and upward move above the $130.00 resistance. Clearly, there was a strong support base formed near the $120.00 level; finally, Ether buyers took control.
The price rallied above the $124.00 resistance and a bearish trendline. It opened the doors for more gains and the price surged above the $126.50 and $130.00 resistance levels. A new monthly high was formed at $132.78 and later the price started a sharp downside correction.
To the downside, there are many supports near the $122.00 and $120.00 levels. There is also a crucial ascending channel in place, with support at $122.00 on the same chart. Should Ether fail to stay above $120.00, the price could drop toward the $115.00 and $112.00 support levels.
On the flip side, a successful break above $130.00 and follow-through above $132.78 might spark more upsides toward the $135.00 and $140.00 resistance levels. The hourly chart of ETH/USD suggests that the pair was rejected near the $132.80 level.
The current price action is slightly bearish on the hourly chart, but there is a strong support formed near $125.00 and a bullish trendline, with support at $123.50. Overall, it seems like Ether is correcting gains, but the $125.00 and $122.00 support levels will most likely prevent a bearish break in the coming sessions.