Technically, the 12-hour chart indicators are gaining momentum in the bullish territory.
Ether Price Eyeing Further Upsides
Ether rose to its strongest levels this past week against both the US Dollar and Bitcoin. ETH/USD formed a new all-time high at $134.13, while ETH/BTC climbed to a market average of 0.0657BTC.
Let’s start by looking at the 12-hour chart of ETH/USD, which clearly highlights the current bullish trend above $100.00.
A long consolidation pattern formed below $100.00, as the pair traded in a $20.00 range of $100.00-80.00. Later, the pair broke the highlighted consolidation box at $100.00, setting a bullish tone for further gains.
The upside move was strong, as the price was able to post more than a 20% increase, trading at a new all-time high, at $134.13. The last two candles on the chart are neutral and suggest a short-term consolidation phase or correction.
Moving down to the 2-hour chart, there is a perfect 11-candle bullish pattern, which completed near $135.00. At the moment, the pair is trading inside a triangle pattern with support at $126.00.
The mentioned support is also near the 38.2% Fibonacci retracement level of the last wave from the $118.00 low to $134.00 high. In my view, there is a bullish pennant pattern in making.
If there is a break above the $132.00 triangle resistance, there is a chance of ETH/USD gaining momentum for another bullish ride. However, I can see a minor divergence on the RSI of H2, suggesting an extended correction.
Overall, the next break is crucial. If there is a break and close above $132.00, the price may head higher and can even trade towards $150.00. Otherwise, a close below $125.00 might pull ETH/USD back towards $118.00.