Technically, the 2-hour chart indicators are losing momentum in bullish territory.
Ether Price Analysis (ETH)
After trading to a new monthly high at $126.06, ETH/USD corrected lower. The pair declined below $122.00 and $120.00, but it found a solid buying interest just above the $118.00 level and later recovered above $120.00.
ETH/BTC traded in a range and consolidated gains above the 0.0330BTC and 0.0332BTC support levels. The pair could continue to consolidate before the next move, either toward 0.0350BTC or below 0.0330BTC.
The 2-hour chart of ETH/USD suggests that the pair was rejected near the $126.00 area. It declined sharply, but the $118.00 and $120.00 levels acted as decent supports. Additionally, the 23.6 percent Fibonacci retracement level of the upward move from the $101.40 low to $126.06 high also acted as a support.
Ether rebounded and traded above a connecting bearish trendline, with resistance at $120.20. However, buyers struggled to gain bullish momentum above $122.00 and upsides remained capped.
To the downside, there are supports near $120.00 and there is a bullish trendline. The main support is just above $116.00, below which there is a risk of an extended drop to the 50 percent Fibonacci retracement level of the upward move from the $101.40 low to $126.06 high or $110.00.
Moving down to the 30-minute chart of ETH/USD, the pair is placed nicely above the $120.00 support, but it seems to be facing a lot of hurdles near $122.00 and $123.00.
Therefore, Ether’s price seems to be bracing for the next break either above $123.00 or toward the $116.00 support area in the coming sessions.