Technically, the 2-hour chart indicators are moving higher toward midlines in the bearish territory.
Ether Price Analysis (ETH)
After a few spikes above the $139.00 level, ETH/USD started a downward move. The pair declined below the $137.00 support and traded to a new weekly low before it bounced back above $138.00.
ETH/BTC is currently consolidating near the 0.0345 BTC support level. Bitcoin's price recently climbed above the $4,000.00 barrier, capping an upward move above the 0.0350 BTC level.
Looking at the 2-hour chart of ETH/USD, the pair settled below the $140.00 pivot and later started consolidating in a range above the $137.00 support. Ether made a few attempts to surpass the $139.00-$140.00 resistance area, but buyers failed to gain strength.
Recently, there was a sharp dip below the $137.00 support, and the price traded to a new weekly low at $136.42. However, downsides were limited, and the price bounced back above $137.00 and $138.00. At the outset, it seems like Ether’s price is about to break a major bearish trendline at $139.00 on the same chart.
A successful close above the trendline and follow-through above the $140.00 resistance could boost the market sentiment in the near term. The next key resistance is at $142.00, above which the price may revisit the $145.00 resistance.
Moving down to the 30-minute chart of ETH/USD, the pair climbed sharply after trading as low as $136.42. It is currently trading near a crucial bearish trendline, with resistance near $139.00.
Clearly, the $139.00 resistance holds the key, and if Ether buyers gain momentum, there are chances of a decent run toward the $142.00 and $145.00 levels. Conversely, a failure to clear the $139.00 or $140.00 resistance might result in another dip toward $137.00 or even $135.00.