Technically, the 2-hour chart indicators moved back sharply into bullish territory.
Ether Price Analysis (ETH)
Yesterday, we discussed the chances of a downside extension below $132.00 and $130.00 in ETH/USD. The pair did break the $130.00 support, but it found a strong buying interest and later corrected sharply higher above $132.00.
ETH/BTC also found a strong support near the 0.0340BTC level and bounced back recently. It broke the 0.0342BTC resistance, and it seems like it could surpass the 0.0345BTC resistance.
Starting with the 2-hour chart of ETH/USD, the pair declined sharply below the $132.00 and $130.00 support levels. A new weekly low was formed at $128.76 but the price later rebounded above the $130.00 and $132.00 levels.
Ether climbed above the $134.00 resistance and the 50 percent Fibonacci retracement level of the drop from the $139.00 swing high to $128.76 low. However, the price ran into major resistance near $135.50 and a bearish trendline on the same chart.
Additionally, the 61.8 percent Fibonacci retracement level of the drop from the $139.00 swing high to $128.76 low acted as a resistance near $135.00. The price is currently consolidating gains, and it seems like it could make another attempt to surpass the $135.00-135.50 resistance zone.
Should Ether settle above $135.50, the price could gain bullish momentum toward the $138.00 or $140.00 resistance levels. The 30-minute chart of ETH/USD suggests that the pair may be forming a bullish flag pattern, with resistance near $135.00.
Therefore, a successful push above the $135.00 resistance will likely boost the market sentiment in the near term. On the downside, there are many supports such as $133.00, $132.00, and $130.00.