Technically, the 12-hour chart indicators moved down sharply in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that ETH/USD is at a significant turning point near the $223.00 support. The pair failed to hold the support and declined heavily below the $220.00 and $210.00 levels.
ETH/BTC also started a downside correction below the 0.0340BTC support. The pair tested the 0.0320BTC support level and is currently consolidating losses.
Starting with the 12-hour chart of ETH/USD, the pair clearly struggled to settle above $230.00 and two bearish trendlines. There were contracting range moves and Ether finally turned south and broke key supports near the $225.00 and $223.00 levels.
More importantly, the price settled below a significant bullish trendline, with support at $225.00 on the same chart. Sellers pushed the price below the $215.00 and $200.00 support levels. There was also a break below the 61.8 percent Fibonacci retracement level of the last wave from the $167.73 low to $254.66 high.
A fresh weekly low was formed at $194.68 before the price started a short-term upside correction. Ether’s price is currently trading near the 23.6 percent Fibonacci retracement level of the recent drop from the $231.95 high to $194.68 low.
Above $202.00 and $204.00, the price could correct toward the $210.00 resistance and the 50 percent Fibonacci retracement level of the recent drop. On the flip side, if the price resumes its downside move below $198.00 and $195.00, sellers might target the next important support at $185.00.
The current price action is super bearish. Should ETH/USD settle below $200.00 by the end of the day, there could be a fresh round of selling in the coming days.