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The price of Ether has gained bullish momentum above $ 125.00 compared to the US dollar. ETH / USD moved into a positive zone and could pick up its rally above $ 130.00.
Key points
The price of Ether rose higher and broke the resistance from $ 123.00 and $ 125.00 against the US dollar.
ETH / USD eliminated a contraction triangle with resistance to $ 121.50 on the 30-minute chart.
ETH / BTC is slowly rising towards the 0.0340BTC resistance level.
Technically, the 30-minute chart indicators are positioned well in bullish territory.
Price analysis of the ether
Yesterday we witnessed strong resistance near the levels of $ 122.50 and $ 125.00 for the ETH / USD. The pair formed a solid support above $ 118.00 and then climbed over the $ 123.00 and $ 125.00 resistors.
ETH / BTC is also showing positive signs above the 0.0330BTC support, and it looks like it could trade toward the 0.0340BTC resistance level. The next major obstacle for buyers is close to 0.0350BTC.
Looking at the 30-minute ETH / USD chart, the pair traded just $ 118.82 and started a nice upward move. It broke the resistance of $ 120.00 and a contraction triangle, with a resistance of $ 121.50. He opened the door for further gains, and the price has gathered over the resistance of $ 125.00.
A new intraday maximum was formed at $ 128.07; subsequently, the price started a short-term downward correction. It fell below the $ 126.00 level and the Fibonacci retracement level of 23.6 percent from the recent rise from $ 118.82 down to $ 128.07 top.
However, there are many supports on the negative side, starting at $ 125.00. The next key support is close to $ 123.00 and Fibonacci's 50% retracement level to the recent move to the top. Finally, the previous resistance close to the $ 121.50 level could act as a strong buying zone.
Turning to the 15-minute ETH / USD table, there is a declining channel with a resistance close to $ 126.00. Therefore, a break above $ 126.00 and $ 126.50 could start a new rise towards $ 128.00 and $ 130.00 in the short term.
Overall, Ether has moved into a positive zone above $ 123.00 and ETH / USD will most likely rise above $ 128.00 and $ 130.00.
Important resistance levels
$ 126.00 and $ 128.00
Important support levels
$ 125.00 and $ 123.00
30-minute RSI
The RSI is now well above level 60.
MACD at 30 minutes
The MACD is gaining strength in the bullish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a professional software engineer and loves blogs.
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