Technically, the 2-hour chart indicators failed to move above their midlines and declined in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a short-term positive bias above the $450.00 support. However, ETH/USD failed to gain momentum above the $475.00 resistance and declined below the $460.00 and $450.00 support levels.
ETH/BTC declined further and tested the 0.0720BTC support level. The pair could bounce back in the short term toward the 0.0750BTC resistance, but recoveries might be capped.
Looking at the 30-minute chart of ETH/USD, the pair was rejected above $470.00 and formed a high at $473.49. A fresh bearish wave was initiated and the price declined below the $460.00 and $450.00 support levels.
More importantly, there was a break below the 50 percent Fibonacci retracement level of the last wave from the $421.80 low to $473.49 high. Should the price settle below $450.00, there could be more losses toward $435.00 and $425.00 in the near term.
On the upside, there is a bearish trendline and a horizontal resistance near $455.00. A successful break above this is required for a new upward wave toward $470.00. Moving up to the 2-hour chart of ETH/USD, the pair is clearly struggling to hold gains above $450.00 and it seems like it could revisit the $425.00 support.
To the topside, there is a connecting bearish trendline forming with resistance at $470.00. Therefore, the price is facing hurdles at $455.00, $460.00, and $470.00.
The short-term picture for Ether is neutral-to-bearish as technical indicators hold within the negative territory. The key support is near $425.00, where ETH/USD bottomed recently.
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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Technically, the 2-hour chart indicators failed to move above their midlines and declined in the bearish territory. Ether Price Analysis
Yesterday, we discussed a short-term positive bias […]