Technically, the 6-hour chart indicators are slightly negative in bearish territory.
Ether Price Analysis (ETH)
After yesterday’s rebound, there was a fresh increase in ETH/USD above the $139.00 resistance. The pair traded to a new weekly high near $140.00, but buyers failed to gain strength and the pair corrected lower.
ETH/BTC faced an increase in selling pressure in the three sessions due to bitcoin’s rise toward $4,050.00. The pair corrected lower below 0.0345 BTC and traded close to the 0.0340 BTC support.
Starting with the 6-hour chart of ETH/USD, the pair rallied nicely from the $130.00 support and tested the $145.00 resistance. Later, there was a downside correction below the $142.00 and $140.00 supports. The price even traded below the $138.00 support and the 50 percent Fibonacci retracement level of the move from the $130.16 low to $145.16 high.
However, losses were protected by the $137.00 support; later, the price started a short-term consolidation. On the upside, an initial hurdle for Ether buyers is near $140.00, followed by $142.00. The main resistance is near the $145.00 level.
On the downside, there is a significant support formed near $135.00 and a bullish trendline on the same chart. Therefore, if there is a downside extension, the $135.00 support area could act as a strong buy zone.
The 30-minute chart of ETH/USD suggests that the pair failed to surpass the $140.00 resistance and recently started a downside correction. It broke the $138.50 support and a contracting triangle support.
Overall, there are many supports near $137.00, $136.00, and $135.00. In the short term, there might be a bearish correction, but Ether is likely to bounce back hard.