Technically, the daily chart indicators are just above midlines in the bullish territory.
Ether Price Weekly Analysis
This past week, there was a solid upward move above the $215.00 resistance in ETH/USD. The pair traded above $220.00, formed a new monthly high at $223.86, and later started a downside correction.
ETH/BTC also gained bullish momentum and surpassed the 0.0320BTC and 0.0325BTC resistances. The pair is currently consolidating near 0.0330BTC and could continue to move higher.
Let’s start with the daily chart of ETH/USD to understand the recent upward move toward the $225.00 level. The pair formed a solid support near $192.00 and climbed above the $207.00 and $215.00 resistance levels.
Ether moved above a major bearish trendline at $202.00 and traded close to the $225.00 resistance. However, the upward move was capped by two bearish trendlines, with current resistance at $223.00. The price is currently correcting lower and is trading above the $207.00 support.
There is also a crucial bullish trendline in place on the same chart, with support at $198.00. Therefore, dips toward the $207.00 and $200.00 levels are likely to find a strong buying interest.
To the topside, Ether’s price must surpass both bearish trendlines and the $225.00 barrier to resume its uptrend. Dropping down to the 2-hour chart of ETH/USD, the pair seems to be following a connecting bearish trendline, with current resistance at $213.00.
A successful break above the trendline and $215.00 could push the price toward the $223.00 resistance zone, above which there are possibilities of a sharp upward move toward $230.00 and $240.00.
Overall, Ether is trading above the key $207.00 support and it could soon attempt to climb above the $213.00 and $215.00 resistance levels in the coming sessions. If buyers fail, the price may drop to $207.00 or even $200.00.