Technically, the 12-hour chart indicators reached oversold levels in the bearish territory.
Ether Price Analysis
Yesterday, we saw breakdown below the key $102.00 and $100.00 supports in ETH/USD. The pair gained bearish momentum and traded below the 95.00 and $85.00 support levels.
ETH/BTC also extended losses and traded below the 0.0260BTC support levels. The pair tested the 0.0250BTC and it seems like Ether sellers remain in control below 0.0300BTC versus bitcoin.
Starting with the 12-hour chart, the recent breakdown below $100.00 was crucial. The pair broke a major descending triangle support at $102.00, opening the doors for a nasty decline below $100.00.
The pair dropped heavily and traded close to the $80.00 support area. A new multi month low was formed at $82.37 and the price is currently consolidating losses. Ether is following a short term declining channel on the 2-hour chart, above which it could test the $90.00 resistance.
The first real resistance is near the $95.00 level (the recent support). The next key barrier awaits near the $105.00 level and an important bearish trendline on the 2-hour chart of ETH/USD. Should there be a successful close above $100.00 and $105.00, Ether could rebound nicely in the near term.
On the flip side, a failure to correct above the $100.00 resistance and the 50 percent Fibonacci retracement level of the recent decline from the $121.40 high to $82.37 low could clear the path for further declines.
The main support is near $80.00, below which Ether sellers will most likely push the price toward the $65.00 or $60.00 support zone. In the short term, there may be range moves above $80.00, but there are high chances of a downside break toward $65.00.