Technically, the hourly chart indicators are back in the bearish territory.
Ether Price Analysis
After a sharp decline, ETH/USD found support near the $82.00 level. The pair started an upside correction above the $90.00 level, but sellers prevented gains above the $98.00-100.00 resistance zone.
ETH/BTC also started an upside correction after testing the 0.0250BTC support. On the upside, an initial resistance is at 0.0275BTC (the previous support), above which the pair could test the 0.0280BTC resistance.
Looking at the hourly chart of ETH/USD, the pair formed a decent support near the $82.00 level and later started an upside correction. The price climbed above the $90.00 level and the 23.6 percent Fibonacci retracement level of the slide from the $126.00 swing high to $82.37 low.
However, the upward move was capped by the $98.00 level, a connecting bearish trendline, and the 38.2 percent Fibonacci retracement level of the slide. Ether failed to climb above the $98.00-100.00 resistance zone and started a fresh decline.
The price moved down below $95.00 and is currently consolidating near $88.00. An initial support on the downside awaits at $85.00, below which the price is likely to revisit the $82.00 swing low in the near term.
To the topside, the first resistance is near $95.00, above which Ether’s price may retest the $98.00 level. The most important resistance is near $102.00 and a crucial bearish trendline on the 6-hour chart of ETH/USD.
Overall, the current technical formation on the 6-hour chart is super bearish unless Ether buyers gain momentum and push the price back above $100.00 and $102.00. If not, the price could decline to $82.00, $80.00, or even $75.00.