Technically, the daily chart indicators climbed above midlines to move into bullish territory.
Ether Price Analysis (ETH)
In yesterday’s analysis, we saw the start of a strong rally in ETH/USD above the $125.00 and $130.00 resistance. Later, the pair corrected lower, but dips were limited and there were further gains above the $140.00 resistance.
ETH/BTC remained in the bullish zone and broke the 0.0350BTC resistance. The pair even cleared the 0.0375BTC resistance and traded close to 0.0385BTC before starting a downside correction below 0.0380BTC.
Let's start with the daily chart of ETH/USD to analyze the recent upward move above the $125.00 resistance. The chart suggests that the pair formed a solid support at $100.00 and climbed higher sharply above two bearish trendlines near $105.00 and $108.00.
Later, the pair formed a bullish continuation pattern above $120.00. Finally, Ether gained pace above the triangle resistance and surged above the $130.00 resistance plus the 50 percent Fibonacci retracement level of the drop from the $163.57 high to $101.05 low.
The next significant resistance is near $148.00-150.00 and the 76.4 percent Fibonacci retracement level of the drop from the $163.57 high to $101.05 low. A clear break above the $150.00 resistance could trigger additional upsides toward $160.00 and $164.00.
Moving down to the 2-hour chart of ETH/USD, there is a clear, strong uptrend active from the $120.00 swing low. The pair traded to a new monthly high at $147.21 and is currently correcting gains. To the downside, an initial support is near the $142.00 and $140.00 levels. However, the main support is close to $134.00 and a bullish trendline on the same chart.
Overall, Ether’s price is trading with a lot of strength and the recent sharp rise in trading volumes could further improve the market sentiment in favor of buyers in the coming sessions. That said, it will be interesting to see how the market reacts when ETH/USD tests the $150.00 resistance.