Ether is showing short-term bearish signs below $840.00 against the US dollar. ETH/USD could decline further toward the $800.00 support.
Ether’s price recovery was limited as there was a new downward wave initiated below $840.00 against the US dollar.
There is a bearish trendline forming with resistance at $845.00 on the 30-minute chart of ETH/USD.
ETH/BTC is slowly moving higher, mostly in range above the 0.0750BTC level.
Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
ETH/USD to Retest $800?
Yesterday, ETH/USD saw a range pattern with support at $860.00 and resistance near $870.00. The pair failed to hold the support and started a new downturn.
Moreover, there was no decrease in bearish pressure on ETH/BTC. The pair continued to consolidate losses above the 0.0750BTC level and is currently preparing for the next wave.
Starting with the 2-hour chart of ETH/USD, there was a crucial failure to move above a bearish trendline with current resistance near $862.00. It resulted in a sharp decline that pushed the price below the $860.00 support.
More importantly, there was a break below the last swing low and support at $840.00. The pair accelerated declines and traded close to the $820.00 level. A low was formed today at $822.78 and it seems like the price could correct a few points upward in the short term.
There is an initial resistance around the 23.6 percent Fibonacci retracement level of the last decline from the $868.59 high to $822.78 low. However, the most important resistance is near $840.00, which was a support yesterday.
Moving down to the 30-minute chart, there is a clear downtrend visible in ETH/USD from the $870.00 resistance, and there is a bearish trendline forming with resistances at $840.00 and $845.00.
Therefore, if Ether starts an upward correction, the $840.00 and $845.00 levels are key. On the downside, the recent swing low of $822.00 is a short-term support, a close below which may push the price toward $800.00.
The RSI is now well below the 40 level.
The MACD is gaining momentum in the bearish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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