Technically, the 2-hour chart indicators are about to move into bullish territory.
Ether Price Analysis (ETH)
Yesterday, we discussed a few important supports for ETH/USD near $137.00, $136.00, and $135.00. The pair failed to clear the $140.00 resistance, declined sharply toward $132.00, and later bounced back above $135.00.
ETH/BTC tested the 0.0340 BTC support level and later corrected higher. The pair is currently trading near 0.0342 BTC and may continue to rise toward 0.0345 BTC in the near term.
Looking at the 6-hour chart of ETH/USD, the pair failed near a major resistance at $140.00 and a bearish trendline, resulting in a sharp decline. The pair broke the $136.00 and $135.00 support levels, but it found a strong buying interest near a crucial bullish trendline, with current support at $135.00.
There was no 6-hour close below the trendline and Ether bounced back above $135.00 and $136.00. To the topside, there are many hurdles for buyers near $137.50, $138.00, $139.00, and $140.00.
The 6-hour chart suggests the price is approaching the next key break either above $138.00 and $140.00 or below the trendline support and $132.00. Moving down to the 2-hour chart, ETH/USD corrected higher after trading as low as $132.80.
However, it is trading near the previous support at $137.00, above which the price may face resistance near a connecting bearish trendline. Overall, Ether rebounded with a positive bias, but it is still facing a strong resistance near the $138.00 and $140.00 levels. On the downside, an initial support is at $135.00, below which the price might trade toward the $130.00 support.