Technically, the 2-hour chart indicators are correcting higher from the oversold levels.
Ether Price Analysis
Yesterday, we discussed that if Ether buyers fail to hold losses below the $152.89 low, there could be more downsides. The pair declined heavily in the past three sessions and traded below the $140.00 and $130.00 levels.
ETH/BTC also faced an increased selling pressure and traded below the 0.0300BTC support level. The next major support is at 0.0285BTC where buyers are likely to emerge.
Let’s start with the 2-hour chart of ETH/USD, indicating a nasty decline from the $182.06 swing high. The pair declined below the $172.00 support, resulting in a sharp drop below the $150.00 and $140.00 support levels.
Ether sellers even pushed the price below the $130.00 level before buyers emerged near the $125.00 level. A new 2018 low was formed at $125.16 and later the price started a short term correction. It moved above the $130.00 and $132.00 levels.
Besides, the price recovered above the 23.6 percent Fibonacci retracement level of the recent drop from the $159.31 high to $125.16 low. However, the price is now approaching a crucial resistance near the $145.00 and $150.00 levels.
There is also a bearish trendline on the 30-minute chart, with resistance near $146.00 and the 50 percent Fibonacci retracement level of the recent drop. Therefore, it won’t be easy for buyers to push the price above $145.00-150.00.
A successful close above $150.00 will most likely open the doors for an extended rebound toward the $165.00 and $170.00 levels. On the other hand, if Ether’s price fails to surpass the $145.00-150.00 resistance zone, it could decline once again.