Technically, the 2-hour chart indicators are currently flat in the bearish territory.
Ether Price Analysis
These past few days, there were mostly range moves in ETH/USD, with a bearish formation from the $140.00 swing high. The pair settled below the $125.00 and $120.00 support levels, which are now acting as crucial hurdles.
ETH/BTC also faced a fresh round of selling recently as it broke the 0.0330BTC and 0.0328BTC support levels. The pair even broke the 0.0325BTC support, and it seems like it could revisit the key 0.0322BTC support in the near term.
Looking at the 30-minute chart of ETH/USD, the last few candles suggest swing moves above the $115.00 support. It seems like Ether buyers made a few attempts to surpass the $118.00 resistance area, but they failed. Simultaneously, sellers struggled to clear the $115.00 support and a connecting bullish trendline.
The current price action indicates range moves between $115.00 and $118.00, but ETH is very likely to make the next significant move in the coming sessions.
Moving up to the 2-hour chart of ETH/USD, there were a few rejections near the $118.00 resistance and two bearish trendlines. The pair is clearly facing a tough resistance near $118.00; it seems like as long as Ether is trading below $120.00, it remains vulnerable.
On the downside, the main support is at $115.00, below which there is a risk of a sharp drop toward the $110.00 or even $105.00 support level. Therefore, the upcoming break could be crucial, and it might set the tone for the next few days.