Technically, the daily chart indicators moved down sharply in bearish territory.
Ether Price Analysis
Yesterday, we saw a crucial downside break below $207.00 and $200.00 in ETH/USD. Later, the pair fell significantly and traded below the $198.00, $185.00, and $180.00 support levels.
ETH/BTC also declined sharply below 0.0310BTC and tested the 0.0300BTC support. Later, the pair recovered and moved back above the 0.0310BTC level; it is currently consolidating.
Starting with the daily chart of ETH/USD, the pair clearly failed to surpass the $225.00 resistance and a bearish trendline. It resulted in a sharp decline and Ether traded below the $210.00 and $200.00 support levels.
More importantly, sellers pushed the price below a major bullish trendline with support at $198.00, opening the door for further declines. Additionally, the price tumbled below the 61.8 percent Fibonacci retracement level of the last major upside from the $167.73 low to $254.66 high.
The next key support awaits near the current year low at $167.73, below which the price could slide toward $160.00. Should Ether sellers remain in action in the medium term, the price could even drop to $150.00 or the 1.236 Fibonacci extension level of the last major upside at $145.00.
Dropping down to the 2-hour chart of ETH/USD, the pair is currently forming a bearish continuation pattern, with resistance near $175.00. To rebound in the short term, the price must surpass the $175.00, $180.00, and $185.00 resistances.
Overall, it seems like Ether’s price completed a correction wave from the last $167.73 low at $254.66. It is back in downtrend and it could extend declines below $167.00 and $160.00 in the coming days.