Technically, the 6-hour chart indicators are declining in the bearish territory.
Ether Price Analysis
Recently, there was a minor upside correction in ETH/USD above the $133.00 and $135.00 levels. However, the pair struggled to clear a major resistance area near $140.00 and is currently trading lower.
ETH/BTC also faced a solid resistance near the 0.0300BTC level. The pair extended declines toward 0.0290BTC, and it seems like it could continue to move down toward the 0.0285BTC support.
Starting with the 6-hour chart of ETH/USD, the pair clearly declined heavily after there was a break and close below the $175.00 support area. A new 2018 low was formed at $124.96; the price later started an upside correction.
The price moved above the $130.00 and $135.00 levels to start a short-term rebound. Buyers pushed the price above the 23.6 percent Fibonacci retracement level of the slide from the $182.85 swing high to $124.96 low.
Additionally, there was a break above a connecting bearish trendline on the 2-hour chart of ETH/USD at $137.00. However, the price failed to clear the $140.00 resistance area, which acted as a solid barrier for buyers.
A successful close above the $140.00 resistance is needed for further gains in the near term. The next major resistance is near the $150.00 level and the 50 percent Fibonacci retracement level of the same decline from $182.85.
The current structure on the 2-hour chart suggests that Ether’s price is consolidating in a range below the $140.00 resistance, with a bearish angle. Therefore, if sellers gain control below $130.00, there is a high chance of more declines below $125.00 in the coming sessions.