Ether’s price is showing a few negative signs against the US dollar and bitcoin. ETH/USD could decline further if it closes below the $575.00 level.
Ether’s price settled below the crucial pivot level of $600.00 against the US dollar.
ETH/USD broke a major bullish trendline with support at $595.00-600.00 on the 2-hour chart.
Upsides in ETH/BTC are still capped by the 0.0800BTC resistance.
Technically, the 2-hour chart indicators have moved into the bearish territory.
Ether Price Analysis
There was an increase in selling pressure on ETH/USD during the past three sessions. The pair settled below the $600.00 pivot level and even attempted a close below the $580.00 support.
On the other hand, ETH/USD traded in a tiny range. However, it seems like the pair is struggling to break the 0.0800BTC resistance, which could result in a downward move toward the 0.0750BTC support.
The 2-hour chart of ETH/USD is signaling a few bearish signs from the $628.21 high. The pair started a downward correction and declined below the $600.00 pivot level. There was also a close a below a crucial bullish trendline with support at $595.00-600.00.
Furthermore, the pair breached the 50 percent Fibonacci retracement level of the last wave from the $542.03 low to $628.21 high. Finally, the price surpassed the $585.00 support and traded close to the $575.00 support.
However, the decline was protected by the 61.8 percent Fibonacci retracement level of the last wave near $576.00. Ether’s price is currently trading in a range, with an immediate resistance at $592.00 and a bearish trendline on the 30-minute chart of ETH/USD.
Looking at the chart, it seems like the pair is following a declining channel with support near $575.00 and resistance at $592.00. An upside break above $592.00 may perhaps push the price toward the $600.00 pivot level.
On the other hand, a bearish reaction below $575.00 could accelerate declines toward the next major support at $550.00. Overall, the next move in Ether depends on whether the price stays above the $575.00 support.
Important Resistance Levels
$592.00 and $600.00
Important Support Levels
$580.00 and $575.00
The RSI is now below the 50 level.
The MACD has moved into a 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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