Technically, the 2-hour chart indicators are gaining momentum in the bearish zone.
Ether Price Analysis
In the weekly analysis, we discussed that there could be more declines in ETH/USD below the $172.00 support. The pair did move down and traded below the $172.00, $170.00 and $165.00 support levels.
ETH/BTC also declined heavily and traded below the 0.0312BTC support. The pair traded close to the 0.0300BTC support and it is currently consolidating losses. The next key support on the downside awaits at 0.0285BTC.
Looking at the 2-hour chart of ETH/USD, the pair consolidated above the $172.00 support for a few sessions. Buyers attempted a decent recovery, but they failed to gain momentum above the $180.00 and $182.00 resistance levels.
Finally, sellers had the upper hand, resulting in a fresh bearish wave below the $172.00 and $170.00 support levels. Ether’s price declined more than 10 percent and traded to a new 2018 low at $152.89.
The current technical pattern on the same chart indicates a sharp increase in selling pressure below $170.00, with back-to-back six red candles. An initial resistance on the upside is near the $156.00 level and a bearish trendline on the 30-minute chart of ETH/USD.
Above $156.00, the next key resistance is near the $160.00 level and the 23.6 percent Fibonacci retracement level of the recent decline from the $182.09 high to $152.89 low.
Conversely, if Ether buyers fail to hold losses below the $152.89 low, the price could decline further. An immediate support is at $150.00, below which sellers will most likely aim $138.00 in the coming sessions.