Technically, the 30-minute chart indicators are moving higher in bearish territory.
Ether Price Analysis
In the past few hours, there were mostly range moves above the $118.00 support in ETH/USD. The pair made an upward move and traded above the $123.00 resistance, but it failed to clear the $124.50-125.00 area.
ETH/BTC also traded in a tiny range above the 0.0330BTC support area. On the upside, the main resistance is at 0.0340BTC, above which the pair could start a short-term uptrend to 0.0350BTC and 0.0362BTC.
Starting with the 30-minute chart of ETH/USD, the pair retested the $118.00 support area recently and traded as low as $118.21. Later, Ether climbed higher and broke the $122.00 and $123.00 resistance levels. However, buyers failed to push the price above the $125.00 hurdle and a high was formed at $124.55.
Later, the price started a downside correction and moved below $122.00 and the 50 percent Fibonacci retracement level of the upward move from the $118.21 low to $124.55 high.
However, the $120.00 level acted as a support along with the 61.8 percent Fibonacci retracement level of the same upward move. The price is currently trading above the $120.00 support and could trade higher toward $122.00 and a major bearish trendline with resistance at $122.50 on the same chart.
A successful close above the trendline might push Ether’s price toward the $124.50-125.00 resistance zone, above which buyers are likely to take control in the near term. On the other hand, a downside break below $120.00 and $118.00 will most likely spark bearish moves toward $115.00 and $112.00.