Technically, the 12-hour chart indicators are placed heavily in the bearish territory.
Ether Price Analysis
In the last analysis, we discussed that ETH/USD remains a sell after it settled below the $130.00 and $125.00 levels. Later, the pair gained bearish momentum and broke the $120.00 and $110.00 support levels.
ETH/BTC also faced renewed selling pressure and declined toward the 0.0280BTC support level, where buyers emerged. Later, the pair corrected above 0.0282BTC and is currently trading near 0.0285BTC.
The 12-hour chart of ETH/USD suggests that the pair started a strong bearish wave from the $223.86 swing high. It declined more than $100.00 in the past few days and formed many bearish patterns to resume its decline.
Recently, it formed a bearish pattern, with support near $130.00. Ether traded below the $130.00 support and declined heavily below the $120.00 and $110.00 support levels. It traded close to the all-important $100.00 support and formed a new multi-month low at $101.09.
Later, the price bounced back sharply and traded above the $110.00 level. The 2-hour chart of ETH/USD indicates that there was a strong buying interest near $100.00, resulting in an upward move. The price even traded above the $115.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $147.06 high to $101.09 low.
However, there is a crucial resistance formed near $118.00 and $120.00 (the previous supports). Besides that, there is a major bearish trendline, with resistance at $120.00, on the same chart.
To rebound and start a decent bullish wave, the price must break the $120.00 resistance. The next resistance is near the $125.00 level and the 50 percent Fibonacci retracement level of the recent decline.
Therefore, a convincing 2-hour close above $120.00 and $125.00 could open the doors for a decent recovery in the near term. On the downside, the $100.00 support is very important, below which Ether could tumble toward $80.00.