Ether’s price moved further into the red zone against the US dollar and bitcoin. ETH/USD settled below the $500.00 support, suggesting more declines ahead.
Ether’s price failed to move above the $535.00 resistance and declined against the US dollar.
A major bearish trendline is in place with resistance near $485.00 on the 30-minute chart of ETH/USD.
ETH/BTC declined further and broke the 0.0750BTC support to move into a bearish zone.
Technically, the 2-hour chart indicators are moving further into extreme oversold levels in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a crucial resistance near $535.00 for an upward recovery in ETH/USD. The pair failed to break it, resulting in a fresh downward wave below the $510.00 support.
ETH/BTC also came under bearish pressure and extended declines below 0.0780BTC. The pair fell and cleared the 0.0750BTC support to move into a short-term downtrend.
Starting with the 30-minute chart of ETH/USD, the pair declined sharply below the $520.00 and $510.00 support levels. There was even a close below a significant support at $500.00. The price traded toward the $480.00 level before starting an upward correction.
However, Ether failed to move back above the $500.00 handle, resulting in a fresh downward move. The price declined and broke a key support near the $480.00 level.
At the outset, the price is trading well below the $500.00 pivot level and is forming a short-term breakout pattern with resistance around $485.00 and a bearish trendline on the same chart. A break above the $485.00 resistance followed by a close above the $500.00 handle is needed for a positive recovery.
Moving up to the 2-hour chart of ETH/USD, there was a break below a major consolidation support at $510.00, igniting a sharp downward move.
To the topside, there is a significant bearish trendline formed with resistance around $505.00. Therefore, the price must clear the $485.00, $500.00, and $505.00 hurdles to start a bullish recovery.
However, should there be further declines in ETH/USD, the pair could trade toward $450.00 support area.
Important Resistance Levels
$485.00 and $505.00
Important Support Levels
$460.00 and $450.00
The RSI is extending declines in the oversold zone.
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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