Technically, the 12-hour chart indicators are currently flat above midlines in bullish territory.
Ether Price Weekly Analysis (ETH)
This past week, there was a sharp rise in ETH/USD after it formed a solid support base near $130.00 and $132.00. The pair gained bullish momentum, broke the $135.00 barrier, and settled above the $140.00 level.
ETH/BTC rallied above the 0.0345 BTC and 0.0350 BTC resistance levels. Later, the pair started a downside correction. Ether is currently consolidating above the 0.0345 BTC support area. On the downside, the main support is near the 0.0340 BTC level.
Let’s look at the 12-hour chart to understand the recent rise in ETH/USD above the $140.00 resistance level. The pair even climbed above the $145.00 level and formed a new monthly high at $146.60. Ether seems to be trading in a positive zone above the $140.00 and $135.00 support levels.
There is also a major ascending channel in place, with support at $135.00 on the same chart. Therefore, if the price continues to correct lower, it could find a strong buying interest near $135.00.
On the upside, the $145.00 area is an initial hurdle for buyers, followed by the channel resistance near the $150.00 level. Moving down to the 2-hour chart of ETH/USD, the pair moved below a couple of bullish trendlines near $142.50 to enter a short-term bearish zone.
Ether’s price recently tested the $141.00 support and the 38.2 percent Fibonacci retracement level of the wave from the $131.91 low to $146.60 high. Buyers need to protect the $140.00 support area. If not, there is a risk of a downside extension toward the $135.00 support area.
Overall, Ether seems to be following a decent uptrend and could climb toward $145.00 and $150.00. Conversely, a break below the $135.00 support may spark a fresh decline in the near term.