Technically, the 2-hour chart indicators are currently just below midlines in the bearish territory.
Ether Price Analysis
Yesterday, there were heavy declines in ETH/USD below the $200.00 and $180.00 levels. The pair even failed to stay above the $170.00 level and traded close to the $168.00 support.
ETH/BTC started an upside correction and traded above the 0.0310BTC and 0.0315BTC resistance levels. However, the pair is likely to struggle near the 0.0320BTC level, which is a major resistance for a bullish break.
Looking at the 2-hour chart of ETH/USD, the pair declined heavily below $200.00 and settled below the $185.00 pivot zone. Ether even traded below the $170.00 level and formed a new monthly low at $168.87.
Later, the price started a short-term correction and traded above the $175.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $214.75 swing high to $168.87 low. However, the price struggled to stay above the $180.00 level and topped out at $182.85.
More importantly, Ether’s price is currently following a declining channel with resistance at $180.00. Should the price settle above the channel resistance, there could be a test of the $185.00 pivot level. The main resistance awaits near $190.00 and the 50 percent Fibonacci retracement level of the recent decline.
Moving down to the 30-minute chart, ETH/USD could decline below $177.00. The next supports on the downside are $176.00 and $173.00, below which the price will most likely accelerate toward the $170.00 and $168.00 levels.
The current price action is short-term positive, but gains in Ether remain limited as long as the price is below the $185.00 pivot and the $190.00 resistance.