Technically, the 6-hour chart indicators are placed nicely in bullish territory.
Ether Price Analysis (ETH)
Yesterday, we saw a crucial bullish break above the $140.00 resistance in ETH/USD. The pair moved into a decent uptrend and later extended gains above the $142.50 and $145.00 resistance levels.
There were also positive moves in ETH/BTC above the 0.0342 BTC support. The pair climbed higher and broke the 0.0345 BTC resistance level. The next key resistance for Ether buyers is near the 0.0350 BTC area.
The 6-hour chart of ETH/USD suggests a decent uptrend from the $131.91 swing low. The pair climbed above the $135.00 resistance area in the first wave and later consolidated. Finally, Ether’s price broke the $140.00 resistance level and the 61.8 percent Fibonacci retracement level of the drop from the $145.16 high to $131.91 low.
The price settled above the $140.00 resistance level and even surpassed the $145.16 swing high. A new weekly high was formed at $146.60; recently, the price corrected lower.
On the downside, there is a crucial support formed near $140.00 and a bullish trendline on the same chart. Therefore, if the price corrects lower further, Ether buyers are likely to appear near the $140.00 support.
Moving down to the hourly chart of ETH/USD, the pair started a downside correction from the $146.60 high. It traded below the $144.00 level and tested the $142.00 support area (the previous resistance).
The price is currently trading nicely above the $142.00 support area, and it seems like Ether could resume its rise above the $145.00 and $146.60 levels. Conversely, a break below the $142.00 support might push the price toward the $140.00 support area.