Technically, the daily chart indicators are currently consolidating in the oversold zone.
Ether Price Analysis
The past few days were mostly neutral since ETH/USD consolidated losses above the $82.00 support. The pair made a couple of attempts to move into a positive zone, but it faced hurdles near $98.00 and $100.00.
ETH/BTC also followed a bearish pattern from well above 0.0300BTC and is currently consolidating above the 0.0260BTC support. Should Ether decline below $80.00 against the US Dollar, it could break the 0.0260BTC and 0.0250BTC supports versus bitcoin.
The daily chart of ETH/USD suggests that the pair is in a significant downtrend from the $230.00 swing high. The pair recently settled below the $100.00 support and traded as low as $82.37. It is currently consolidating losses, plus there is a crucial declining channel formed with resistance at $98.00.
To start a solid upward move, the price must break the channel resistance and $100.00. The next major resistance is near the $125.00 level (the previous support). Conversely, if the price breaks the $82.37 low and the $82.00 support, there could be a downside extension toward $80.00, $76.00, or even $72.00.
Dropping down to the 2-hour chart of ETH/USD, the pair seems to be struggling near the $88.00 resistance (the recent support). There is also a key bearish trendline in place, with resistance at $90.00 on the same chart.
On the downside, an initial support is at $85.00, below which Ether’s price will most likely test the $82.37 low. The overall price action is super bearish on the daily chart and 2-hour chart, but a break above $98.00 and $100.00 could change things in the near future.