Technically, the hourly chart indicators are currently consolidating in the overbought zone.
Yesterday, we saw a convincing bullish break in ETH/USD above the $110.00 resistance area. Later, the pair gained bullish momentum and traded above the $115.00 and $120.00 resistance levels.
ETH/BTC also surged higher and broke the 0.0315BTC and 0.0320BTC resistance levels. The pair is currently trading well above the 0.0325BTC level, with immediate resistances at 0.0328BTC and 0.0330BTC.
The hourly chart of ETH/USD suggests a massive upward move above the $110.00 and $115.00 resistance levels. It traded above the $120.00 level and formed a new weekly high at $123.15. Later, the pair started consolidating gains and corrected below the $121.00 and $120.00 levels.
Ether tested the $118.00 support and the 23.6 percent Fibonacci retracement level of the recent upward move from the $101.40 low to $123.15 high. More importantly, there is a consolidation pattern formed, with resistance at $120.20 on the same chart.
A successful close above the $120.00 and $122.00 resistance levels could open the doors for further gains toward the $125.00 and $130.00 levels in the near term.
Moving up to the 6-hour chart of ETH/USD, the pair formed a large green candle above the $110.00 resistance. There are many bullish signs visible on the chart, suggesting a positive change in the market sentiment above $115.00.
In the short term, there could be range moves or a downside correction toward the $118.00 or $115.00 support levels. However, Ether’s price is likely to remain well supported as long as it stays above the $110.00 pivot level.
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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Technically, the hourly chart indicators are currently consolidating in the overbought zone. Ether Price Analysis (ETH)
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