Technically, the 2-hour chart indicators moved down sharply in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a major support near the $116.00 and $115.00 levels for ETH/USD. The pair moved down recently and buyers failed to protect the key support at $115.00.
On the other hand, ETH/BTC found support near the 0.0278BTC level and later corrected higher. The pair moved higher and surpassed the 0.0280BTC and 0.0281BTC resistance levels.
Starting with the 2-hour chart of ETH/USD, the pair failed to settle above the $125.00-126.00 resistance area and later started a downward move. The pair moved down and traded below the $120.00 and $115.00 support levels.
The price also traded below the 38.2 percent Fibonacci retracement level of the upward move from the $101.09 low to $126.78 high. Sellers took control and pushed Ether toward the $112.00 support and the 50 percent Fibonacci retracement level of the upward move.
An intra-day low was formed at $112.05, and the price is currently following a declining channel, with resistance at $117.00 on the same chart. Moving down to the 30-minute chart of ETH/USD, the pair is currently consolidating losses above the $112.00 support.
To the upside, there is a key barrier for buyers near the $115.00 level, above which the price could test a connecting bearish trendline, with resistance at $117.00.
Should Ether stay above the $115.00 and $117.00 resistance levels, the price may move back in a positive zone. If not, ETH/USD will most likely move down below the $112.00 support and test the next key support at $110.00 or $108.00.