Technically, the 6-hour chart indicators are currently flat just below midlines in bearish territory.
Ether Price Analysis (ETH)
Recently, ETH/USD started a downside correction after trading to a new monthly high of $145.16. The pair declined below the $142.50 support and settled below the $140.00 pivot level (now resistance).
ETH/BTC also declined recently below 0.0350BTC and tested the key 0.0345BTC support. The pair is currently consolidating and seems to be preparing for an upward move toward the 0.0350BTC resistance.
Starting with the 6-hour chart of ETH/USD, the pair topped out at $145.16 and later corrected lower. It traded below the $140.00 support and tested the $137.00 support area. However, the main support is near the $135.00 level (the previous resistance).
Additionally, there is a crucial bullish trendline formed, with support at $134.00 on the same chart. Therefore, if Ether declines further, it is likely to find a strong buying interest near the $135.00 and $134.00 support levels.
Moving down to the 2-hour chart of ETH/USD, the pair is currently consolidating above the $137.00 support and the 50 percent Fibonacci retracement level of the upward move from the $130.17 low to $145.16 high.
To the upside, there is a significant bearish trendline in place, with resistance at $138.50. Therefore, a successful close above the trendline could open the doors for a fresh upward move above the $140.00 resistance level. The next key resistances are near $142.50 and $144.00.
On the flip side, if Ether fails to break the $138.50 or $140.00 resistance, it may break the $137.00 support and trade toward the $135.00 and $134.00 support levels.