Technically, the 2-hour chart indicators are gaining momentum in the bearish territory, with oversold signs.
Ether Price Analysis
In the weekly analysis, we discussed a few important supports for ETH/USD, such as $110.00, $105.00, and $100.00. The pair recently faced an increase in selling pressure, resulting in a drop below the $110.00 and $105.00 support levels.
ETH/BTC also followed a bearish structure and traded below the 0.0310BTC and 0.0305BTC support levels. The pair traded close to the 0.0300BTC support and is currently consolidating losses, with supports near 0.0300BTC and 0.0295BTC.
Looking at the 2-hour chart of ETH/USD, the pair broke the main support near the $115.00 level, opening the doors for an extended decline. Sellers gained momentum and were successful in pushing Ether below the $110.00 and $105.00 support levels.
The price declined more than 8 percent and traded to a new yearly low at $103.14. It is currently consolidating losses and may correct higher in the short term toward $105.00 or $108.00.
On the upside, there is a strong resistance formed near $105.00 and a connecting bearish trendline, with resistance at $105.50 on the 30-minute chart of ETH/USD. Should Ether break the trendline, the next stop could be close to the $110.00 level.
The next resistance might be the 50 percent Fibonacci retracement level of the recent decline from the $120.58 high to $103.14 low. However, the main resistance awaits at $115.00 (the previous key support).
On the downside, Ether is likely to find a strong buying interest near the $100.00 support. If sellers succeed in breaking the $100.00 support with a daily close, there are high possibilities of a drop toward $85.00 in the coming days.