Technically, the 2-hour chart is correcting lower toward midlines in the bullish territory.
Ether Price Analysis
Yesterday, there was a strong upward move above the $150.00 resistance in ETH/USD. The pair even broke the $155.00 resistance, but buyers struggled to push Ether above the $160.00 resistance, resulting in a fresh decline.
ETH/BTC rallied above the 0.0380BTC resistance. The pair tested the key 0.0400BTC resistance and later started a downside correction toward the 0.0380BTC support area.
Looking at the 2-hour chart of ETH/USD, the pair climbed sharply above the $130.00 and $142.00 resistance levels. Buyers even pushed the price above the $155.00 barrier before sellers took a stand near the $160.00 resistance.
The price formed a high at $159.96 and, later, a new downside correction was initiated. Therefore, there was no new high above the $160.00 and $161.35 swing high. During the decline the price broke the $155.00 support and the 23.6 percent Fibonacci retracement level of the recent wave from the $142.70 low to $159.96 high.
However, the decline was protected by the $148.00-150.00 support zone along with the 50 percent Fibonacci retracement level of the recent wave. To the downside, there is a strong support formed near $143.00 and a bullish trendline on the same chart.
Moving down to the 30-minute chart of ETH/USD, the pair is struggling to clear the $153.00 level and a connecting bearish trendline. Should there be a break above the trendline, the price may climb toward the $155.00 and $160.00 resistance levels.
The current price is slightly bearish on Ether, but a positive break above the $153.00 and $155.00 resistance levels could spark a fresh upward move in the near term.