Technically, the 2-hour chart indicators climbed sharply higher in bullish territory.
Ether Price Analysis
Yesterday, we discussed a possible bearish break below the $100.00 support if buyers failed to push ETH/USD above $110.00. The pair stayed above the $101.09 low and bounced above the $110.00 and $115.00 resistance levels.
ETH/BTC remained in a range above the 0.0280BTC support area. The pair seems to be setting up for an upward move if buyers succeed in pushing the price above the 0.0285BTC resistance level.
Starting with the 2-hour chart of ETH/USD, the pair formed a solid support just above $101.00 and started an upward move. Ether climbed higher and broke many resistances, including $105.00, $108.00, $110.00, and $115.00.
More importantly, the pair surged above a major bearish trendline with resistance at $110.00, opening the door for more gains. The price also traded above the 50 percent Fibonacci retracement level of the drop from the $138.79 swing high to $101.09 low.
ETH/USD is now trading near a crucial resistance at $120.00-121.00. Should there be a 2-hour close above $121.00, the price could climb further higher toward the $128.00 or $130.00 resistance level.
An intermediate resistance is the 61.8 percent Fibonacci retracement level of the drop and $124.00. Moving down to the 30-minute chart, the price is clearly following a positive path and a bullish trendline, with current support at $116.00.
If there is a downside correction, Ether’s price will most likely find a strong support near $116.00 and $115.00. The current price action indicates a bullish bias above $115.00, but a failure to climb above $120.00 and $121.00 could result in a fresh bearish reaction.