Technically, the 12-hour chart indicators are slowly correcting higher in the bearish territory.
Ether Price Weekly Analysis
This past week, there was a sharp decline in ETH/USD below the $102.00 support. The pair declined below the $100.00, $90.00, and $85.00 support levels and formed a new multi month low at $82.37.
ETH/BTC also declined sharply below the 0.0285BTC and 0.0280BTC support levels. The pair even broke the 0.0260BTC support and tested 0.0250BTC. Later, the pair started an upside correction above 0.0260BTC, and it could continue to move higher toward 0.0280BTC.
Let’s start with the 12-hour chart of ETH/USD to understand the recent decline below the $150.00, $125.00, and $102.00 support levels. The pair is currently consolidating losses above the $82.37 low, but gains could be contained.
To the topside, an initial resistance is near the $102.00 level (the previous support) and a bearish trendline. The current price action indicates that Ether buyers are likely to struggle near the $100.00 and $102.00 resistance levels.
Should Ether break the bearish trendline on the same chart, the price is likely to trade toward the next major resistance, near the $125.00 level. Moving down to the 2-hour chart of ETH/USD, the pair is currently trading in a range below the $100.00 level.
Additionally, there are two bearish trendlines formed with resistance at $92.00 and $98.00. A successful close above both trendline and the 50 percent Fibonacci retracement level of the recent decline from the $121.00 swing high to $82.37 low is needed for a decent recovery in the near future.
Overall, Ether is reaching a crucial juncture and will either surpass the $102.00 resistance or decline below $82.00 for a downside extension toward $70.00 or $65.00.