Technically, the 6-hour chart indicators are currently flat below midlines in the bearish territory.
Ether Price Analysis
Yesterday, we saw a few positive signs above the $115.00 resistance in ETH/USD. The pair extended the upward move and traded above the $118.00 and $120.00 resistance levels, but buyers failed to gain strength above $120.00.
ETH/BTC also recovered a few points and traded above the 0.0326BTC and 0.0328BTC resistance levels. The pair now seems to be preparing for more gains above the 0.0330BTC resistance level.
Looking at the 6-hour chart of ETH/USD, the pair formed a solid green candle after it dipped below $112.00 and traded as low as $111.84. More importantly, Ether settled above a connecting bearish trendline, with resistance at $118.00 on the same chart.
However, buyers failed to capitalize and the price started trading in a range below $120.00. To the topside, there are many crucial hurdles near $120.00, $122.00 and another bearish trendline. A successful close above $122.00 could open the doors for a decent recovery toward $125.00, $130.00 and $140.00.
Moving down to the 2-hour chart of ETH/USD, the pair is about to surpass a key bearish trendline near $119.00 and the 50 percent Fibonacci retracement level of the drop from the $128.07 high to $111.84 low. On the downside, there are a few important supports near the $115.00 area. A daily close below $115.00 and $112.00 will most likely trigger a fresh decline toward $100.00.
To sum up, Ether is facing a tough resistance near $120.00-$122.00 and failure on the upside is set to see ETH/USD testing $115.00 before moving back to $112.00.