Technically, the 15-minute chart indicators are slowly moving into the bullish territory.
Ether Price Analysis
Recently, there were a few bearish moves in ETH/USD below the $125.00 and $122.00 support levels. The pair even traded below the $120.00 level, but the $118.00 area acted as a strong barrier.
ETH/BTC is currently consolidating above the 0.0330BTC support. The pair needs to overcome the 0.0342BTC hurdle for a fresh upward move above the 0.0350BTC and 0.0355BTC resistances.
Looking at the 15-minute chart of ETH/USD, the pair recently dipped below the $120.00 support and traded to a new intraday low at $118.21. Later, Ether bounced back sharply, traded above the $120.00 level, and formed a high at $122.34 before starting a downside correction.
The price dipped below $121.00 and the 50 percent Fibonacci retracement level of the recent move from the $118.21 low to $122.34 high. However, the $119.50 level and the 61.8 percent Fibonacci retracement level of the recent move acted as a support.
At the outset, it seems like Ether’s price has broken a declining channel with resistance at $120.30. More importantly, a successful close above the $122.00 resistance and two bearish trendlines on the 5-minute chart could push the price toward the $123.00 barrier.
The main resistance awaits near $125.00, above which buyers are likely to take control and the price might climb toward the $130.00 area. On the other hand, a bearish reaction below the $119.50 and $118.00 support levels could cement a short-term bearish bias. The next key support is at $115.00, followed by $112.00.