Technically, the 2-hour chart indicators are correcting lower from the overbought zone in the bullish territory.
Ether Price Analysis
The past few sessions were very positive since there were further gains in ETH/USD above the $112.00 and $115.00 resistance levels. The pair traded to a new weekly high at $120.84 and later corrected lower.
More importantly, ETH/BTC started a solid upward move and broke the 0.0275BTC and 0.0280BTC resistance levels. The pair settled above 0.0280BTC and it seems like it could extend the current wave toward 0.0292BTC.
Looking at the 2-hour chart of ETH/USD, the pair broke the $108.00 and $110.00 resistance levels. It cleared the path above $115.00 and Ether traded to a new weekly high at $120.84. Later, there was a downside correction, but the price was well supported above $112.00.
The price is currently following an ascending channel and support at $115.00, below which there is a strong bullish trendline in place, with support near $110.00.
Moving down to the 30-minute chart, ETH/USD seems to be consolidating gains above the $112.00 support and a bullish trendline, with support at $114.00. Should there be a downside break below $112.00, the price could test the $110.00 support and the 50 Fibonacci retracement level of the recent wave from the $101.08 low to $120.84 high.
To the topside, there is a short-term bearish trendline at $117.50, above which there could be a fresh rally toward the $120.00 and $125.00 resistance levels. A follow-through above the $125.00 resistance might prompt some additional gains and accelerate Ether toward $132.00. The main support is at $110.00, which if broken could put ETH buyers on the back foot.