Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Ether Price Analysis
During the past few sessions, ETH/USD started a slow and steady decline from the $161.35 monthly high. The pair declined below the $140.00 and $135.00 support levels.
ETH/BTC made an attempt to clear the 0.0350BTC resistance level. However, buyers failed to gain traction and later started a slow and steady decline toward the 0.0320BTC support.
The 2-hour chart of ETH/USD suggests that the pair made a couple of swing moves from the $125.00-126.00 support area. However, the price struggled to gain bullish momentum and formed highs near $140.00, $135.00, and $130.00.
More importantly, there is a major bearish trendline is in place with resistance at $130.00. To initiate a fresh upward move, the price must break the trendline and $132.00 resistance. The next major resistance is at $135.00, above which the price could enter a short-term uptrend.
On the flip side, there is a major support formed near $124.00 and $120.00. A successful close below the $120.00 support may open the doors for more losses toward the $115.00 and $110.00 levels.
Moving down to the 30-minute chart of ETH/USD, there is a key bearish trendline formed with resistance at $132.00, and there is an ascending channel with support at $125.00. Therefore, a break below the $125.00 and $124.00 supports will most likely increase selling pressure.
Ether is clearly facing an uphill task near the $130.00 and $132.00 resistances levels. If buyers continue to struggle, there is a significant risk of a downside break below the $120.00 support.