Technically, the 2-hour chart indicators are rising higher in the bearish territory.
Ether Price Analysis
After testing the $120.00 resistance, ETH/USD started a downside correction. The ETH/USD pair traded below the $117.00 level and tested the key $115.00 support area. Later, the pair recovered, but it is still struggling to clear the $120.00-122.00 resistance zone.
ETH/BTC also corrected lower and traded below the 0.0328BTC support. The pair spiked below the 0.0325BTC support and later recovered. The current price action is slightly bearish, but there are key supports near 0.0325BTC and 0.0322BTC.
The 2-hour chart of ETH/USD suggests a couple of swing moves recently around the $115.00 support area. The key takeaway is that there was no daily close below the $115.00 support, which is a positive sign. At the outset, it seems like a crucial breakout pattern is formed with resistance near $118.00.
Should Ether break the trendline and the $120.00 resistance, it could start a decent upward move toward $122.00, $125.00, and $130.00 in the near term. On the downside, there is a strong support formed near the $115.00 level, below which the next key support is at $112.00.
Therefore, Ether’s price must stay above the $115.00 and $112.00 support levels to present buyers a chance to gain traction above the $118.00 and $120.00 resistance levels.
Moving down to the 30-minute chart of ETH/USD, the pair clearly bounced back sharply above the $116.00 level. However, there are a few hurdles on the upside, starting with $118.00 and followed by a connecting bearish trendline at $119.00.
Overall, the next few sessions could be important as it seems like ETH/USD is setting up for the next crucial break either above $120.00 or below $112.00.