Technically, the hourly chart indicators moved sharply higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that a break above the $125.00 resistance could push ETH/USD back in a bullish zone. The pair broke the $120.00, $125.00, and $130.00 resistance levels to start a fresh upward move.
ETH/BTC formed a solid support base near 0.0320BTC and later started an upward move. The pair broke the 0.0330BTC and 0.0350BTC resistance levels, and it may continue to move higher.
Starting with the hourly chart of ETH/USD, the pair traded as low as $114.71 and later started an upward move. Buyers pushed the price above a major bearish trendline, with resistance at $120.00. Later, there was a break above the $125.00 and $135.00 resistance levels.
The price also surpassed the 50 percent Fibonacci retracement level of the recent decline from the $161.35 high to $114.71 low. A new intraday high was formed at $143.76 and later the price started consolidating gains.
Ether seems to be struggling to clear the $145.00 barrier and the 61.8 percent Fibonacci retracement level of the recent decline. Should there be a break above the $143.00 and $145.00 resistance levels, the price is likely to accelerate toward the $150.00 and $156.00 levels.
Moving up to the 6-hour chart of ETH/USD, the pair is trading nicely above the $120.00 support and a significant bullish trendline, with current support at $119.00. To the topside, there is a major bearish trendline formed, with resistance at $141.00 on the same chart.
In the short term, the price may consolidate between $134.00 and $143.00 before the next move. There are high chances of an upside break above $143.00 as long as the price is above $130.00.