Technically, the 12-hour chart indicators jumped sharply into bullish territory.
Ether Price Weekly Analysis
This past week, there was a strong rebound in ETH/USD above the $90.00 and $100.00 resistance levels. The pair even broke the $120.00 and $125.00 resistance levels to trade to a new weekly high at $135.44.
ETH/BTC also started a solid upward move after forming a support base above 0.0260BTC. The pair broke the 0.0280BTC and 0.0300BTC resistance levels recently to move into a bullish zone.
The 12-hour chart of ETH/USD indicates a positive price action from the $82.12 yearly low. The pair rallied above the $95.00 and $100.00 resistance levels, plus a crucial bearish trendline. It opened the gates for more gains, and the price rallied above the $120.00 and $125.00 resistance levels.
A successful 12-hour close above the $125.00 resistance will most likely push the price toward the $140.00 or $150.00 resistance level. Moving down to the 2-hour chart of ETH/USD, the pair is following a significant uptrend above the $120.00 support.
The price traded as high as $135.44 recently and is currently correcting lower. An initial support is near $120.00 and the 23.6 Fibonacci retracement level of the recent upward move from the $82.12 low to $135.44.
Below $120.00, there is a bullish trendline formed, with support at $115.00. Should Ether decline below the $115.00 support, it could test the key $110.00 support and the 50 Fibonacci retracement level of the recent upward move.
To the topside, the first resistance is near the $132.00-135.00 region, above which the price is likely to test the $140.00 resistance. The overall technical structure is very bullish, signaling more gains in ETH/USD toward $140.00 or $150.00 as long as the price is above $110.00.