Ether Price Analysis
Yesterday, we discussed that dips in ETH/USD remain attractive to buyers above $100.00. The pair corrected a few points from the $109.26 high, but it found support and bounced back above $110.00.
ETH/BTC also extended gains and traded above the 0.0280BTC resistance. However, it failed to retain strength and later corrected lower below 0.0275BTC and 0.0270BTC. The next support is at 0.0265BTC, where buyers are likely to appear.
Starting with the 12-hour chart of ETH/USD, the pair successfully settled above the key $100.00 resistance, a crucial bearish trendline, and the 23.6 Fibonacci retracement level of the drop from $182.06 (November 19, 2018 swing high) to $82.12 low.
The current price action is very positive and it seems like the next major hurdle for buyers is near the $125.00 level, above which the price could test the 50 Fibonacci retracement level of the drop from $182.06 to the $82.12 low, near $132.00.
Dropping down to the 2-hour chart, there is a solid uptrend in place from the $82.12 low. Ether recently traded to a new weekly high at $112.24 and is currently consolidating gains.
An initial support is at $108.00, followed by a major bullish trendline formed with support near $105.00. Therefore, a downside correction toward $105.00 is likely to find a strong buying interest.
To sum up, there are lot of positive signs visible on both charts and a sustained move beyond the $115.00 level will most likely push Ether toward the $125.00 resistance. On the flip side, $108.00 now becomes the immediate support to defend, which if broken might drag ETH/USD back toward testing the $105.00 support.