Technically, the 12-hour chart is moving higher in the bullish territory.
Ether Price Weekly Analysis
This past week, we saw ETH/USD consolidating losses above the $120.00 support. Later, buyers took control and pushed the pair above the $120.00, $125.00, and $135.00 resistance levels to resume its uptrend.
ETH/BTC also gained bullish momentum and broke the 0.0340BTC and 0.0350BTC resistance levels. The pair is currently trading with a positive angle and may continue to move higher toward 0.0380BTC and 0.0400BTC.
Let’s start with the 12-hour chart of ETH/USD. The pair started a major downside correction from the $161.35 high. The price moved below the $140.00 support and the 23.6 percent Fibonacci retracement level of the last major move from the $82.12 low to $161.35 high.
However, the decline was protected by the $115.00-120.00 support and the 50 percent Fibonacci retracement level of the last major move. There is also a significant bullish trendline in place, with support at $125.00 on the same chart.
Moving down to the 2-hour chart of ETH/USD, the pair jumped sharply above the $135.00 resistance level. At the outset, Ether is currently struggling to gain momentum above the $142.00 resistance and a crucial bearish trendline at $142.00.
A successful close above the $145.00 resistance and the trendline is required for an upside acceleration toward the $150.00 and $155.00 levels. Further above $155.00, the price is likely to break the $161.35 swing high in the near term.
To the downside, Ether is likely to find support near the $130.00 level. The main support is near $125.00 and $120.00, below which ETH/USD could move into a bearish zone.