Technically, the 2-hour chart indicators are extending losses in the bearish territory.
Ether Price Analysis
The past three days saw a lot of bearish moves in ETH/USD below the $140.00 support. The pair broke the key supports at $130.00 and $125.00 to enter a bearish zone.
ETH/BTC also followed a bearish path below the 0.0350BTC support and recently tested the 0.0320BTC support. The pair is currently consolidating losses and it may decline further toward the 0.0300BTC support.
Looking at the 2-hour chart of ETH/USD, the pair is following a significant bearish path and broke the $125.00 support. There is also a crucial bearish trendline formed with resistance at $120.00 on the same chart.
Should there be an upside break above the trendline, the price could face a strong resistance near the $125.00 level (the previous support). A successful 2-hour close above the trendline and the $125.00 resistance is needed for Ether buyers to take charge.
On the flip side, if the price continues to move down, it could soon test the $112.00 support. The main support for buyers is near the $106.00 level, which was a significant resistance earlier.
Dropping down to the 30-minute chart of ETH/USD, there is a major bearish trendline in place with resistance at $120.00. Clearly, the $120.00 and $125.00 resistances are very important for the next move in the near term.
Overall, Ether’s price is trading with a bearish bias as long as it is below the $125.00 support. On the downside, a break below the $115.00 support may open the doors for a push toward $112.00 and $106.00.