Ether’s price is under significant bearish pressure against the US dollar and bitcoin. ETH/USD could extend the current decline toward the $400.00 support.
Ether’s price remains in a downtrend below $475.00 and $500.00 against the US dollar.
A crucial bearish trendline is active with resistance near $500.00 on the daily chart of ETH/USD.
ETH/BTC broke the 0.0720BTC support and is currently heading toward 0.0700BTC.
Technically, the daily chart indicators are showing no signs of a short-term recovery in the bearish territory.
Ether Price Analysis
The past few sessions were mostly bearish as ETH/USD failed to rise above the $450.0 and $455.00 resistance levels. The pair remains at a risk of a sharp bearish reaction toward the $400.00 level.
ETH/BTC also failed to recover and extended its decline below the 0.0720BTC support. The pair is approaching 0.0700BTC, where buyers may perhaps hold further losses.
Starting with the daily chart of ETH/USD, the pair is in a major downtrend and every upward correction was capped. Many rejections can be noted around the $700.00, $600.00, and $550.00 levels, signaling a consistent bearish trend.
The pair recently traded as low as $421.80 before recovering. However, upsides were capped and Ether’s price resumed its slide. It seems the price could fall further to test the next major support at $400.00 and a connecting support trendline.
Should the price break the trendline and $400.00, there may well be heavy declines toward $350.00. To the topside, there is a crucial bearish trendline with current resistance at $500.00, which is playing a significant role in capping recoveries. If Ether is able to overtake it, we could see a path toward a more significant resurgence.
Dropping down to the 2-hour chart, ETH/USD is really struggling to make a bullish move. Ether is still trading above the $421.80 low, but it will most likely decline further in the near term.
Overall, the current market sentiment is super bearish on both the 2-hour and daily charts. Resistances are at $450.00, $455.00, $470.00, and $500.00.
Important Resistance Levels
$455.00 and $470.00
Important Support Levels
$421.00 and $400.00
The RSI is currently 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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