Technically, the 6-hour chart indicators extended declines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that recoveries in ETH/USD above the $198.00 level are likely to face heavy selling interest near $199.00 and $200.00. The pair failed to gain momentum above $197.50 and is currently trading in a tight range.
ETH/BTC is currently flirting with the 0.0310BTC support. The pair seems to be following a bearish structure and could decline sharply if there is a close below 0.0310BTC.
Starting with the 6-hour chart of ETH/USD, the pair failed to settle above two important bearish trendlines, with current resistance around $204.00. It declined below the key $200.50 support and traded close to the last swing low of $193.61.
The pair is currently consolidating above the $195.00 level, with an immediate support near the recent low at $194.32. Should Ether decline below the recent low, there is a risk of further declines below the $193.61 swing low.
Conversely, if there is an upside correction, the price is likely to struggle near the $199.00, $200.00, and $200.50 resistance levels. The crucial barrier is near both trendlines and $205.00, above which buyers could take control.
Dropping down to the 2-hour chart of ETH/USD, the pair is currently range bound above the $194.32 low. An immediate resistance is near $197.5 followed by the $199.00-200.00 zone.
Overall, technical readings in the 6-hour chart keep the risk leaned to the downside in Ether, as the price is extending its decline below its 21 SMA. A convincing break through $193.61 will likely exacerbate the sell-off in ETH/USD, with the next possible bearish target at $180.00.