Technically, the hourly chart indicators declined further in the oversold zone.
Ether Price Analysis
Yesterday, we saw a lot of bearish signs on the daily chart of ETH/USD below the $88.00 and $98.00 resistance levels. The pair failed to surpass the $88.00 resistance level and later extended declines below the $85.00 support.
ETH/BTC is also struggling to move higher above the 0.0265BTC resistance level. Therefore, there is a risk of further downsides below the 0.0260BTC and 0.0255BTC support levels.
Looking at the 6-hour chart of ETH/USD, the pair resumed its decline and broke the last low at $82.37 and formed a new multi-month low at $82.28. While there was no major breakdown below $82.00, there is a risk of heavy declines in the near term.
To the topside, there are many hurdles for buyers near the $86.00, $88.00, and $90.00 levels. Additionally, there is a major bearish trendline formed with resistance at $86.00. A successful close above the bearish trendline and $88.00 is a must to start a short-term rebound.
Conversely, if there is no break above the $88.00 resistance, there could be a fresh decline below the $82.28 low. The next support is at $80.00, below which the price may decline sharply toward the $75.00 or $70.00 level.
The hourly chart of ETH/USD suggests that the pair is following two bearish trendlines, with resistance at $85.00 and $89.00. There are also signs that sellers are exhausted near the $80.00 support.
Therefore, the next move in Ether depends on whether the price stays above the $82.00 and $80.00 support levels in the coming sessions.