Technically, the 2-hour chart indicators are slowly gaining momentum in bullish territory.
Ether Price Analysis (ETH)
In the past few sessions, ETH/USD mostly traded in a range below the $140.00 and $142.00 resistance levels. The pair also found a strong buying interest above the $135.00 support level.
ETH/BTC started a downside correction below 0.0355BTC and tested the 0.0350BTC support. Bitcoin's price is currently gaining strength, which may well increase pressure on the pair for a push toward 0.0348BTC or 0.0345BTC.
Looking at the 2-hour chart of ETH/USD, there is a significant triangle formed, with resistance near $138.00. Should Ether break the triangle resistance and gain momentum above the $140.00 resistance, there could be more upsides in the near term.
An immediate resistance is at $142.00, followed by $145.00. The main resistance is near the $150.00 level, where sellers could take a stand if the price continues to trade higher.
On the flip side, if there is a downside break below the $136.00 and $135.00 supports, the price may move into a bearish zone. The next key support is near the $131.00 level and 50 percent Fibonacci retracement level of the upward move from the $123.34 low to $141.32 high.
The 30-minute chart of ETH/USD suggests there is a strong support formed near $136.00. Therefore, there are high chances of an upside break above the $138.00 resistance and a connecting bearish trendline on the same chart.
The overall price action is positive and the recent technical formation suggests Ether and bitcoin are likely to gain momentum above $140.00 and $4,000.00, respectively, in the near term.