Ethereum is facing some resistance at $122.66.

The 20-day EMA is gradually turning up, and the RSI has climbed above the 50 level. This gives us confidence that the short-term trend has changed in favor of the bulls. However, the long-term trend is still down as the 50-day SMA continues to slope down.

After a long downtrend, we expect the ETH/USD pair to form a basing pattern before starting a new uptrend. On the downside, any dip will find buyers at $100 and below that at $83. Our bullish view will be invalidated if the price plunges below the Dec. 7 low.