Technically, the hourly chart indicators are currently well above midlines in the bullish territory.
Ether Price Analysis
Yesterday, we saw the start of a downside correction in ETH/USD from the $120.84 high. The pair declined below the $115.00, $112.00, and $110.00 support levels before buyers appeared near $108.00.
On the other hand, ETH/BTC remains in a bullish zone above the 0.0280BTC support. The pair traded above the 0.0285BTC resistance and could continue to move higher toward 0.0292BTC or 0.0295BTC.
The hourly chart of ETH/USD suggests that the pair corrected sharply lower after forming a short-term top at $120.84. It even broke the $110.00 support, but buyers managed to defend losses below $108.00. A solid support base was formed. Later, the price bounced back above $110.00 and $112.00.
However, Ether failed to break the $115.50 level and a declining channel with current resistance at $115.00. The price is currently moving lower, but there is a strong support formed near $110.00, $108.00, and a bullish trendline on the same chart.
Moving up to the 6-hour chart of ETH/USD, the pair made a couple of attempts to clear $120.00, but failed and later corrected lower. It traded below the 23.6 Fibonacci retracement level of the recovery from $82.12 to $120.84.
The recent drop found support near a bullish trendline, with current support at $110.00. Should Ether settle below the $110.00 and $108.00 support levels, it could test the next important support near $100.00 and the 50 Fibonacci retracement level of the recovery from $82.12 to $120.84.
The current price action is indicating a fresh upward move if ETH surpasses the $115.00 resistance level. If not, there is a risk of an extended decline to $105.00 or $100.00.