Technically, the 12-hour chart indicators are currently consolidating in the oversold area.
Ether Price Weekly Analysis
During the past four days, there were heavy bearish moves below the $200.00 and $190.00 support levels in ETH/USD. The pair traded as low as $168.87 and is currently consolidating losses.
ETH/BTC started a downward move and settled below the 0.0320BTC support. The pair is currently consolidating above the 0.0312BTC support, and it could extend bearish moves below the 0.0310BTC level.
Let’s start with the 12-hour chart of ETH/USD to understand the recent decline from the $223.86 high. The pair declined more than 20 percent and settled below the $200.00 and $190.00 support levels.
The price traded close to the last 2018 low and formed a low at $168.87. Later, the price started a short-term consolidation pattern above the $170.00 level, and it is facing a solid resistance near the $178.00 and $180.00 levels.
More importantly, there is a bearish continuation pattern with resistance at $178.00 on the same chart. Ether’s price is likely to struggle near the $180.00 resistance and the 23.6 percent Fibonacci retracement level of the last major downward move from the $223.86 swing high to $168.87 low.
Should there be a bullish break above $180.00 and $182.00, the price could correct higher toward the $190.00 and $195.00 resistance levels. There is also a bearish trendline formed, with resistance at $195.00 on the 2-hour chart of ETH/USD.
On the flip side, with a downside break below the $172.00 and $170.00 supports, there might be heavy losses in Ether’s price below the $165.00 support. The next key supports on the downside are $160.00 and $150.00. The overall price action is bearish unless there is a daily close above $195.00.