Technically, the 2-hour charts are currently placed in the oversold territory.
Ether Price Analysis
Yesterday, we saw a bearish turn in ETH below the key $148.00 support. The pair even traded below the $130.00 and $125.00 support levels to move into a negative zone. More importantly, Ether seems to be struggling to hold the $124.00-125.00 support area.
ETH/BTC declined below the 0.0362BTC and 0.0350BTC support levels. The pair is trading with a bearish angle and may continue to decline toward the 0.0332BTC and 0.0325BTC support levels.
Looking at the 2-hour chart of ETH/USD, the pair declined heavily after it broke the $148.00 support. Sellers even managed to push the price below the $130.00 support. Later, there was a consolidation pattern formed, resulting in a bearish continuation below the $125.00 support.
A new monthly low was formed at $123.08, and the price is currently showing a few recovery signs. An initial hurdle for buyers is near a bearish trendline, with resistance at $128.00 on the 30-minute chart.
However, the main resistance is at $130.00, above which the price may extend gains toward the $133.00 level and the 23.6 percent Fibonacci retracement level of the drop from the $163.57 high to $123.08 low. A successful close above $133.00 and $135.00 may open the doors for an extended recovery toward the $140.00 level.
On the flip side, if Ether’s price fails to surpass the $130.00 and $133.00 resistances, it could decline below $125.00 and $123.00. The next key support is at $116.00 and $112.00, followed by the $110.00 pivot level.