Technically, the hourly charts are currently flat below midlines in the bearish territory.
Ether Price Analysis
After trading as low as $120.08, ETH started consolidating losses. The pair may soon make the next move either above the $130.00 and $132.00 resistances or below the $120.00 support area.
Similarly, ETH/BTC is trading in a tight range below the 0.0250BTC pivot level. Should Ether buyers succeed in pushing the price above the 0.0350BTC and 0.0355BTC resistances, there could be a short-term recovery.
The hourly chart of ETH/USD clearly indicates a consolidation pattern above the $123.08 swing low. To the topside, there is a bearish trendline in place, with resistance at $127.00. Buyers must gain strength above the trendline, $130.00, and the 23.6 percent Fibonacci retracement level of the decline from the $152.95 high to $123.08 low to start a decent recovery.
Conversely, if there is a downside break below the $124.00 support and the $123.08 low, the price could resume bearish moves and break the $120.00 support in the near term.
Moving up to the 6-hour chart of ETH/USD, there is a connecting bullish trendline forming, with support at $124.00. Should Ether decline below the trendline support, the price may drop to the last swing low at $114.71.
On the upside, there are many hurdles for Ether buyers, starting with $130.00 and $132.00. A successful close above the $132.00 barrier will most likely open the doors for a larger recovery toward the next set of resistances at $140.00 and $142.00.
In the short term, ETH may continue to trade in the $124.00-130.00 range before the next key break either toward $140.00 or below $120.00.