Technically, the hourly chart indicators are slowly recovering in the bearish territory.
Ether Price Analysis
Recently, there was another test of the $120.00 support in ETH/USD. Buyers defended further losses and the pair started a short-term correction above the $121.00 and $122.00 levels.
ETH/BTC is currently under a lot of pressure below the 0.0300BTC support. The pair recently broke the 0.0285BTC support and traded toward the 0.0280BTC level. On the upside, resistances are at 0.0288BTC and 0.0292BTC.
Starting with the hourly chart of ETH/USD, the pair likely formed a double-bottom pattern near the $120.00 level. Ether started a short-term correction and traded above the $122.00 level and a bearish trendline, with resistance at $123.00.
The recent recovery was positive, as there was a break above the 23.6 percent Fibonacci retracement level of the last slide from the $139.00 swing high to $118.99 low. However, the upward move was capped by the $127.00 resistance area.
There was no test of the $130.00 resistance and the 50 percent Fibonacci retracement level of the last slide. A proper close above the $127.00 and $130.00 resistance levels is needed for Ether buyers to take control in the near term.
On the downside, an initial support is near the $122.00 level and a bullish trendline. Should Ether’s price decline below the $122.00 support, the price could decline toward the main support near $120.00.
Moving up to the 6-hour chart of ETH/USD, the pair seems to be following a declining channel with resistance at $128.00 and support near $118.00. In the short term, the price may correct higher toward $127.00 and $130.00, but a bullish break toward $140.00 is very unlikely.