The ETH / USD pair tested the resistance zone at $ 125 and later adjusted the lower. It fell below the $ 124 and $ 122 levels to begin short-term downward adjustment. The price even traded below $ 120 but remained above the 100-hour simple sliding average.
Moreover, there was a breakthrough under the short-shrinking triangle with $ 119 on the ETH / USD hourly chart.
Ethereum tested the level of $ 117, where buyers appeared. In addition, it traded close to the 76.4% fiber adjustment rate of the last leg from $ 115 to $ 125. The pair is currently trading over $ 116 support with a few bearish traits.
To climb higher, the price should break the $ 122 and $ 123 resistance levels. On the other hand, if it fails to pass $ 122, ETH vendors can push the price to the $ 114 support.
The ETH price is positioned over $ 114 and a 100-hour SMA. Upwards, there may be moves in the range above $ 114 before the price makes the next move. It can either break the $ 122 resistance or extend the adjustment down to $ 114.