Technically, the 2-hour chart indicators are declining lower in the bearish territory.
Ether Price Analysis
In the weekly analysis, we saw a sharp rebound in ETH/USD from the $101.09 swing low. The pair jumped above the $105.00, $110.00, and $115.00 levels, but it faced a strong resistance near the $120.00 level.
ETH/BTC also started a decent upside correction and traded above the 0.0285BTC level. However, the pair is now approaching a couple of important hurdles near the 0.0290BTC and 0.0292BTC levels.
Starting with the 2-hour chart of ETH/USD, the pair dropped heavily toward the $100.00 support and formed a low at $101.09. Later, there was a sharp correction above the $105.00, $110.00, and $115.00 resistance levels. The price also moved above the 23.6 percent Fibonacci retracement level of the recent drop from the $138.78 high to $101.09 low.
However, the price ran into a major resistance near the $120.00 level (the previous support). The 50 percent Fibonacci retracement level of the recent drop also prevented gains above $120.00 and $122.00.
More importantly, there is a crucial bearish trendline formed with resistance at $115.00 on the same chart. Ether clearly failed to surpass the $120.00 resistance and is currently following the same bearish trendline.
During the recent decline, there was a break below a bullish trendline, with support at $115.00 on the 30-minute chart. Ether’s price tested the $107.00 support and is currently consolidating losses.
To the topside, an immediate resistance is at $114.00, above which Ether must break the $115.00 and $120.00 resistance levels to start a solid rebound in the near term. If not, there is a risk of more losses below $105.00 and $100.00.