Technically, the 6-hour chart indicators moved into bullish territory, with positive signs.
Ether Price Analysis (ETH)
After forming a support base near the $132.00 level, ETH/USD started a solid upward move. The pair broke the $134.00 and $135.00 resistance levels to enter a bullish zone. It is currently attempting a close above $140.00, which could trigger further upsides in the near term.
ETH/BTC rebounded recently above 0.0340 BTC and settled above the 0.0342 BTC level. The pair is currently trading in a range, and it seems like buyers are aiming for the 0.0345 BTC resistance level.
Looking at the 6-hour chart of ETH/USD, the pair found a strong support near the $132.00 level after it fell from the $145.16 swing high. Buyers got into the action, resulting in a decent upward move above the $135.00 pivot level.
The price traded above $138.00 and the 50 percent Fibonacci retracement level of the decline from the $145.16 high to $131.91 low. It opened the doors for more gains above the all-important $140.00 resistance area.
Ether even cleared the $142.00 level and the 61.8 percent Fibonacci retracement level of the decline from the $145.16 high to $131.91 low. A new intra-day high was formed at $142.61 and the price is currently correcting lower.
To the downside, there are many supports formed near the $140.00 and $139.00 levels (the previous resistances). Therefore, if the price corrects lower and Ether buyers defend the $139.00-140.00 support area, it could spark more upsides.
To resume the recent upward move, Ether’s price must surpass a connecting bearish trendline with resistance at $141.50 on the 30-minute chart. The overall price action on the 30-minute chart suggests an improvement in the market sentiment above the $140.00 pivot level. The next target for buyers could be $145.00.