Technically, the 6-hour chart indicators are slowly moving lower in the bearish territory.
Ether Price Analysis
Yesterday, we saw a decent upward move above the $110.00 level in ETH/USD. However, the pair failed to break the $112.50 and $113.00 resistance levels, resulting in a fresh decline.
ETH/BTC is currently trading near the 0.0278BTC support, with a bearish angle. Should Ether trade below the 0.02780BTC level, the price may slide further toward the 0.0275BTC support level.
Looking at the 6-hour chart of ETH/USD, the pair clearly failed to settle above the $120.00 resistance (the previous support) and started a slow and steady decline. The current price action indicates that the price could extend losses toward the $102.00 or $100.00 level.
The key bearish indicator is a crucial declining channel, with resistance at $115.00 on the same chart. Therefore, as long as Ether’s price is below the $115.00 and $120.00 resistance levels, there is a risk of a downside break below the important $100.00 support.
Moving down to the 2-hour chart of ETH/USD, the pair is approaching the next break either above $110.00 or below $105.80. To the topside, a successful break above $110.00 and a bearish trendline will most likely push the price toward the $115.00 resistance and the 50 percent Fibonacci retracement level of the drop from the $126.78 high to $105.73 low.
Conversely, a bearish break below the $105.73 low could accelerate losses toward $100.00 or even $95.00. The overall technical structure turned bearish on the 2-hour and 6-hour chart, suggesting higher chances of more losses below $105.73.