Technically, the 12-hour chart indicators are moving lower toward midlines in bullish territory.
Ether Price Analysis (ETH)
Recently, we saw a solid upside break in ETH/USD above the $132.00, $135.00, and $140.00 resistance levels. The pair tested the $145.00 resistance and later started a downside correction.
Likewise, there was a solid bounce in ETH/BTC above the 0.0345BTC resistance. The pair even traded above the 0.0350BTC resistance before starting a downside correction. It is currently trading below 0.0350BTC, with supports at 0.0348BTC and 0.0345BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the recent rally from the $123.34 swing low. The pair climbed higher and cleared the $132.00 and $135.00 resistance levels. There was also a break above the crucial $140.00 resistance and the 23.6 percent Fibonacci retracement level of the drop from $167.41 to the $123.34 low.
However, Ether struggled to surpass the previous support area (now resistance) near $145.00 and the 50 percent Fibonacci retracement level of the drop from $167.41 to the $123.34 low. As a result, there was a downside correction below the $144.00 and $142.00 levels.
The price is currently attempting a 12-hour close below the $139.00-140.00 support. If sellers gain pace below $139.00, there could be additional declines. Looking at the 2-hour chart, ETH seems to be following a bullish flag, with resistance at $141.00.
Should Ether break the flag resistance and gain momentum above $142.00, it is likely to resume its rally above $145.00. Conversely, the next key support is near the $136.00 level. However, the main support is near $132.00 and a bullish trendline on the 12-hour chart.
In the short term, ETH may consolidate above the $136.00 support level. However, the overall technical structure suggests a fresh bullish wave above the $141.00 and $145.00 resistance levels in the coming days as long as the price is above $132.00.