Technically, the hourly chart indicators are attempting a recovery from the oversold bearish readings.
Ether Price Under Pressure Once Again
Ether is currently consolidating recent losses. There was an increase in bearish momentum during the past few hours, taking ETH/USD to fresh low at $7.71 (the lowest this week).
The pair closed below former critical support at $8.00, which may further put pressure on buyers in the short term. When we have a look at the 4-hours chart of ETH/USD, there is a major support break visible.
A monster consolidation channel pattern was formed on the chart, as the price traded inside it for more than two days. Finally, sellers had an upper hand, as the price broke the channel support area and traded lower.
There is also a H4 close below the $8.00 support, suggesting that it is a real break. The pair even retested the broken support once, but failed to close above it.
It looks like the ETH/USD pair is again forming a downtrend, and may decline further. The recent low of $7.71 is producing a slight recovery, but it may not last long.
The pair at the moment attempting to break a short-term bearish trend line on the hourly chart. If there is a close, there can be a move towards another bearish trend line on the same chart at $8.00-10.00. The stated area is a major resistance, and also represents the 23.6% Fibonacci retracement level of the recent decline from the $8.62 high to $7.71 low.
In short, the recent downside break was crucial and may increase pressure on Ether price going forward.