Technically, the daily chart indicators are closing in towards the oversold levels.
Ether Price Weekly Analysis
In the last two analyses, we discussed that ETH/USD could extend declines below the $211.61 low and $200.00. The pair did move down, broke the important $200.00 support, and traded to a new yearly low at $185.11.
Similarly, there were heavy losses in ETH/BTC below the 0.0340BTC support. The pair even broke the 0.0320BTC support and tested the 0.0300BTC zone. The next key support is near 0.0265BTC.
Looking at the daily chart of ETH/USD, there are many bearish signals visible from the $515.09 swing high. The pair remained in a downtrend in August 2018 and settled below the $300.00 support level.
Later, the pair formed a crucial bearish pennant pattern with support at $270.00, which was breached earlier this month to open the door for more declines.
Ether’s price extended declines below the $200.00 psychological support, moving further into a bearish zone. Should sellers remain in control in the coming days, there could be more declines toward the $170.00 and $160.00 support levels.
To the top side, there is a significant bearish trendline in place with resistance at $250.00 on the same chart. A successful close above the trendline and the $270.00 pivot zone is needed for Ether to start a decent recovery.
In the short term, the 2-hour chart of ETH/USD indicates that the previous support at $210.00 may well act as a solid resistance. There is also a connecting bearish trendline in place with resistance near $212.00.
Overall, Ether remains in a strong downtrend below $200.00, and any recoveries are likely to face selling interest near the $210.00, $212.00, $230.00, and $250.00 resistances. Important supports below the recent low are $170.00, $160.00, and $150.00.