Technically, the 30-minute chart indicators are moving lower in the bearish territory.
Ether Price Analysis
Recently, we saw a sharp decline in ETH/USD from the $128.00 swing high. The pair declined below the $125.00 and $120.00 support levels to move into a bearish zone. Later, there was a downside extension and the price traded below the $118.00 support level.
ETH/BTC traded below the key support at 0.0330BTC, opening the doors for more losses. The next major support is at 0.0325BTC, below which the pair may continue lower toward the 0.0320BTC support.
Looking at the 30-minute chart of ETH/USD, the pair failed to stay above the $118.00 support and declined further. It broke the $116.00 support and traded to a new weekly low at $114.54. Later, Ether started an upside correction above the $115.00 and $116.00 levels.
The price moved above the 23.6 percent Fibonacci retracement level of the recent drop from the $124.91 high to $114.54 low. However, the recovery was capped by the previous supports at $118.00 and $119.00.
Moreover, the price failed to test the $120.00 barrier and the 50 percent Fibonacci retracement level of the recent drop. Recently, Ether topped out near the $119.00 level and traded below a connecting bullish trendline, with support at $117.50 on the same chart.
The current price action is bearish on both the 30-minute and 15-minute chart, suggesting more losses below the $116.00 and $115.00 support levels. To start a decent recovery, Ether must surpass the $119.00 and $120.00 resistance levels. The next key resistance is at $122.50, above which the price could test the $125.00 and $128.00 levels.