Technically, the 2-hour chart indicators are correcting lower in the bullish territory.
Ether Price Analysis
Yesterday, we discussed about more gains above the $120.00 and $121.00 resistances in ETH/USD. The pair traded above the $124.00 and $125.00 resistance levels and traded as high as $126.78.
ETH/BTC faced a solid increase in selling pressure below the 0.0820BTC level. The pair broke the 0.0280BTC support area, resulting in more losses below the 0.0278BTC level.
Looking at the 2-hour chart of ETH/USD, the pair traded higher with back-to-back bullish candles above the $120.00 resistance level. A new weekly high was formed at $126.78; later, the price started a downside correction.
The price traded lower and broke the $122.00 and $120.00 support levels. Additionally, there was a break below the 23.6 percent Fibonacci retracement level of the recent recovery from the $101.09 low to $126.78 high.
Ether traded close to the $115.00-116.00 support area and the 50 percent Fibonacci retracement level of the recent recovery. Moreover, there is a key bullish trendline formed with support at $116.00 on the 30-minute chart of ETH/USD.
Should Ether break the $116.00 and $115.00 support levels, the price could accelerate losses toward the $110.00 level in the near term. On the upside, an initial resistance is at $120.00, above which the price could test the $124.00 resistance and a bearish trendline on the same chart.
A successful close above the $126.00 level may clear the path for Ether buyers to push the price above the $130.00 level in the coming sessions. The next major hurdle for buyers is near the $140.00 level.