Technically, the 12-hour chart indicators are consolidating below midlines in bearish territory.
Ethereum Price Weekly Analysis
This past week, there were mostly bearish moves below the $115.00 resistance in ETH/USD. The pair started a couple of upward waves, but buyers struggled to gain bullish momentum above the $110.00 and $111.00 resistance levels.
Similarly, ETH/BTC faced an increased selling pressure and declined toward the 0.0305BTC support. Later, the pair recovered above 0.0310BTC, and it seems like it could continue to climb toward the weekly 0.0320BTC resistance.
Let’s start with the 12-hour chart of ETH/USD to understand the current downtrend below the $111.00 and $115.00 resistance levels. Recently, there was a sharp decline in Ether below the $105.00 support, and a new yearly low was formed at $101.05.
Later, the price corrected higher and traded above the $105.00 level. However, buyers struggled to gain strength above the $110.00 and $110.00 resistances (the previous supports). There is also a crucial declining channel in place, with resistance at $110.00 on the same chart.
Should there be an upside break above the declining channel and $111.00, the price could test the $115.00 resistance and the 23.6 percent Fibonacci retracement level of the drop from the $163.57 high to $101.05 low.
Finally, a successful close above the $115.00 resistance may open the doors for a recovery toward the $120.00 level. The main target could be the $132.00 resistance and the 50 percent Fibonacci retracement level of the drop from the $163.57 high to $101.05 low.
On the flip side, a failure to surpass the $111.00 or $115.00 resistance could trigger further declines in Ether below the $105.00 support and the $101.05 low.
Moving down to the 2-hour chart of ETH/USD, there is a short-term bullish trendline formed, with support at $106.00. To the topside, an initial resistance is at $108.20, followed by $111.00. The next key break in Ether’s price depends on whether buyers succeed in gaining strength above $111.00.