Technically, the 2-hour chart indicators are reaching the extreme oversold levels in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that a break below $188.00 in ETH/USD could spark more declines toward $185.00 and $180.00. The pair did move down, broke the $188.00 and $180.00 supports, and traded to a new yearly low at $167.73.
ETH/BTC also faced heavy selling pressure, resulting in a downside break below the important 0.0310BTC support. The pair traded toward the 0.0270BTC level and it seems like it may continue to move south toward 0.0260BTC.
Looking at the 2-hour chart of ETH/USD, the pair broke the $185.00 support, retested the same support, and finally extended losses below the $180.00 level. The last three candles indicate that sellers remain in control and Ether could decline further toward $160.00 and $150.00.
Should there be an upside correction, the previous support at $185.00 is likely to act as a resistance for buyers. There is also a connecting bearish trendline place on the same chart with resistance at $184.00.
In the short term, the 30-minute chart suggests that ETH/USD is currently consolidating losses above the $167.00 level. To the topside, there is a key resistance forming near $174.0. More importantly, the price might face a strong hurdle near a declining channel with resistance at $175.00.
Ether could start an upward corrective movement on an acceleration through $175.00, the immediate resistance, which can extend up to $185.00, where selling interest will likely reappear. On the downside, a break below the $167.73 low could set the pace for additional losses toward the next key supports at $160.00 and $150.00.