Ether’s price saw a sharp decline against the US dollar and bitcoin. ETH/USD settled below a major support at $700.00, signaling a short-term bearish trend.
Ether’s price tumbled and broke a crucial support at $700.00 against the US dollar.
ETH/USD also broke a key contracting triangle to move into a bearish zone on the 2-hour chart of ETH/USD.
ETH/BTC failed to move higher and declined below the 0.0800BTC support.
Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
ETH/USD Changed Course
Yesterday, there were many positive signs on the 2-hour chart of ETH/USD above $750.00, but the pair failed to break the $765.00 technical resistance and declined sharply. A possible reason for the dip is that one of South Korea’s biggest cryptocurrency exchanges, Upbit, was raided over the past couple days.
ETH/BTC also faced selling pressure and moved below 0.0800BTC. The current bias is negative, signaling more losses in the short term toward 0.0760BTC and 0.0750BTC.
The 2-hour chart of ETH/USD indicates an important rejection near the $675.00 resistance. The pair started a downward wave and declined below the $650.00 and $640.00 support levels.
More importantly, there was a break below a key contracting triangle with support at $745.00. Finally, Ether sellers even succeeded in pushing the price below a crucial support at $700.00, leading the way to more losses.
The pair traded toward the $665.00 level, which could act as a support in the short term. Despite the ongoing correction from the $667.18 low, the pair remains in a bearish zone.
Should Ether’s price correct higher, the broken support at $700.00 might act as a resistance. Moving down to the 30-minute chart of ETH/USD, there is a bearish trendline forming with resistance near $715.00.
However, a successful daily close above $700.00 will most likely decrease the current selling pressure on Ether.
Important Support Levels
$665.00 and $650.00
Important Resistance Levels
$700.00 and $715.00
The RSI has reached the oversold levels.
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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