Technically, the hourly chart indicators climbed higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD must break the $115.00 and $117.00 resistance levels to move back in a positive zone. The pair formed a solid support near $112.00 and later bounced back above $115.00.
ETH/BTC settled above the 0.0280BTC support and is currently consolidating. A break above the 0.0285BTC resistance is needed for a fresh upside above the 0.0300BTC resistance.
Looking at the hourly chart of ETH/USD, the pair started a major downward move from the $126.78 swing high. Ether declined heavily and traded below the $120.00 and $115.00 support levels. Buyers appeared near the $112.00 level and defended losses.
A support base was formed and the price started a nice upward move above the $115.00 resistance and the 23.6 percent Fibonacci retracement level of the recent slide from the $126.78 high to $111.57 low.
More importantly, the price broke a bearish structure with resistance at $116.00 on the same chart, opening the doors for more gains. Ether’s price spiked above the $120.00 level and the 50 percent Fibonacci retracement level of the recent slide.
Moving up to the 6-hour chart of ETH/USD, the pair is facing a tough challenge near the $120.00-121.00 zone. Besides, there is a major bearish trend line formed, with resistance at $125.00.
To rebound further, the price must break the $121.00 and $125.00 resistance levels, above which the next major hurdle is near the $130.00 level. On the downside, an initial support is at $116.00 and $115.00. The current price action is positive as long as Ether is above the $115.00 and $112.00 support levels.