Ether’s price rebounded above important hurdles against the US dollar and bitcoin. ETH/USD is currently trading with a bullish angle and could extend gains toward $140.00.
Ether’s price finally climbed above the $132.50 and $134.00 resistances against the US dollar.
ETH/USD traded above a significant bearish trendline with resistance near $132.00 on the 2-hour chart.
ETH/BTC stayed above the 0.0340BTC support and traded above the 0.0342BTC resistance.
Technically, the 2-hour chart indicators are rising higher in bullish territory.
Ether Price Analysis (ETH)
Recently, we saw a couple of swing moves in ETH/USD toward the $130.00 support area. The pair found a strong buying interest and recently climbed above the $132.50 and $134.00 resistance levels to move into a positive zone.
ETH/BTC also found buyers near the 0.0340BTC support and later corrected higher. The pair traded above 0.0342BTC and 0.0344BTC, and it seems like it could extend gains above the 0.0345BTC resistance.
Starting with the 6-hour chart of ETH/USD, the pair formed a strong support near the $130.00 level and the 61.8 percent Fibonacci retracement level of the last upward move from the $123.34 low to $141.00 swing high.
Ether formed a support base near $130.00 and recently started a decent bullish wave. It broke the $134.00 resistance and a crucial contracting triangle resistance at $134.50 on the same chart. The price is now trading nicely above $134.00, with a bullish angle, and it may continue to climb toward the key $140.00 resistance.
Moving down to the 2-hour chart of ETH/USD, the pair traded above a significant bearish trendline, with resistance near $132.00. It opened the doors for more gains and Ether tested the $135.00-136.00 resistance zone.
The current price action is bullish, suggesting more gains above the $136.00 level in the coming sessions. Should Ether buyers struggle to clear the $135.00-136.00 zone, there could be a short-term downside correction.
An immediate support is at $134.00, below which the price is likely to retest the $132.00 support area. The overall technical structure is positive, with chances of more upsides toward $140.00 as long as Ether is above the $132.00 support.
Important Resistance Levels
$136.00 and $140.00
Important Support Levels
$134.00 and $132.00
The RSI is currently near the 45-50 zone.
The MACD is gaining momentum in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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