Technically, the 12-hour charts are currently just below midlines in the bearish territory.
Ether Price Weekly Analysis
ETH/USD made more than two attempts to surpass the $160.00 and $162.00 resistance levels. However, buyers failed to gain momentum, and a high was formed at $163.57. Later, the price declined below $150.00 and $140.00.
ETH/BTC also started a downward move from well above 0.0400BTC and declined below the 0.0380BTC and 0.0350BTC support levels. The pair is currently consolidating and it seems like it could either jump above 0.0360BTC or decline toward 0.0332BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the recent decline from the $163.57 swing high. The chart suggests that there were multiple rejections near the $160.00-162.00 resistance, resulting in a sharp bearish reaction.
Ether declined below the $155.00 support and a crucial bullish trendline, with support at $150.00 on the same chart. There was a sharp drop below the $140.00 support and the 23.6 percent Fibonacci retracement level of the major recovery from the $82.12 low to $163.57 high.
The price is currently trading above the $123.00 support and the 50 percent Fibonacci retracement level of the major recovery. There is also a significant support near the $116.00-120.00 zone, below which sellers will most likely push the price toward $100.00.
Dropping down to the 2-hour chart of ETH/USD, the pair is following a declining channel, with resistance at $126.00. Should Ether trade above the channel resistance and $130.00, the price could recover and bounce back toward $140.00 or $145.00 in the coming days.
On the flip side, a downside break below the $123.00, $120.00, and $116.00 supports could trigger additional losses in Ether toward the $100.00 or $95.00 support.