Technically, the hourly chart indicators are moving lower in the bearish territory.
Ether Price Analysis
Yesterday, there was a minor recovery above the $175.00 level in ETH/USD. However, the pair failed to break the $180.00 and $182.00 resistance levels and later trimmed gains.
ETH/BTC failed to gather pace above the 0.0318BTC and 0.0320BTC resistances levels. As a result, there was a downside reaction toward the 0.0315BTC level, below which the price could test 0.0312BTC.
The 6-hour chart of ETH/USD clearly indicates a major downtrend from the $223.86 high. The pair declined and settled below the $200.00 and $195.00 support levels. Ether traded as low as $168.87 and later started a short-term upside correction.
The price moved above the $175.00 and $180.00 levels, but sellers protected further gains near the $182.00 level. There was no successful close above the 23.6 percent Fibonacci retracement level of the recent drop from the $223.86 swing high to $168.87 low.
Ether started a fresh decline and is currently following a declining channel, with resistance at $177.50. Should Ether buyers fail to push the price above the channel resistance and $180.00, the price could continue to move down toward $168.00 and $165.00 in the near term.
On the flip side, an upside break above $180.00 may kick-start a decent correction toward $190.00 and $195.00. Dropping down to the 2-hour chart of ETH/USD, the pair seems to be trading in a range above the $168.00 support.
To the topside, there are key resistances near $180.00 and $182.00. Ether’s price may continue to consolidate losses and there could be bearish moves toward $165.00 unless buyers push ETH/USD above $182.00.