Technically, the 2-hour chart indicators are rising sharply toward midlines in the bearish territory.
Ether Price Analysis
The past few days saw a lot bearish moves below the $120.00 support in ETH/USD. The pair even dove below the $115.00 support and tested the $112.00 support area, where buyers emerged.
ETH/BTC declined further below the 0.0325BTC support and tested the 0.0322BTC support. The pair is currently recovering, and it seems like it could break the 0.0330BTC and 0.0332BTC resistance levels.
Starting with the 2-hour chart of ETH/USD, the pair dipped sharply below the $115.00 support and formed a new weekly low at $111.84. However, the price action suggests that Ether was rejected near $112.00, resulting in a sharp recovery above the $115.00 pivot level.
The price traded above the $116.00 level and the 38.2 percent Fibonacci retracement level of the recent decline from the $128.07 high to $111.84 low. Ether is currently trading near a crucial hurdle around $120.00, a bearish trendline at $119.00, and the 50 percent Fibonacci retracement level of the recent decline.
Should Ether settle above $120.00, the price could move into a bullish zone toward the $125.00 and $128.00 levels. Moving down to the 30-minute chart of ETH/USD, the pair recently broke a declining channel, with resistance at $117.50.
The current technical structure is positive, but if there is a downside correction, the broken resistances near $118.00, $117.50, and $115.00 are likely to act as supports.
Overall, Ether is likely preparing for a decent recovery, but a successful break above $120.00 is required. If ETH/USD buyers fail to gain momentum above $120.00, the pair might retreat and decline to $115.00 or $112.00.