Ether’s price traded to a new weekly low at $657.71 against the US dollar. ETH/USD is currently positioned in a bearish zone below the $695.00 and $710.00 resistances.
Ether’s price failed to move above the $725.00 hurdle and declined heavily against the US dollar.
Two bearish trendlines are acting as a strong barrier around $710.00 on the 4-hour chart of ETH/USD.
ETH/BTC started a downward correction and it could test the 0.0820BTC support.
Technically, the 4-hour chart indicators are signaling bearish continuation in the near term.
Can ETH/USD Hold $650?
Yesterday, we discussed the possibility of a bearish break below $692.00 in ETH/USD. The pair did descend, broke the $676.00 range support, and almost tested $650.00.
Similarly, there was a short-term bearish reaction in ETH/BTC. The pair failed to break the 0.0850BTC resistance and started a downward correction toward the 0.0820BTC support.
Looking at the 4-hour chart of ETH/USD, it seems like every recovery was capped by two bearish trendlines with current resistance around $710.00. The pair is now trading well below the $700.00 pivot level, which is a bearish sign.
On the downside, the $650.00-655.00 support region holds a lot of importance. Should sellers succeed in pushing the price below this, there could be heavy declines in Ether toward $620.00 or even lower.
On the other hand, a successful 4-hour close above the trendlines and $712.00 may well clear the path for buyers to push the price toward $750.00 and $800.00. Dropping down to the 30-minute chart of ETH/USD, the pair is currently in a slow and steady recovery mode from the $657.71 low.
To the topside, the previous support at $695.00 and a bearish trendline at $688.00 are likely to act as resistances. The current price action is slightly bullish on the 30-minute chart, but Ether may be looking for a new direction heading into the weekend.
The low for the week at $657.71 is an immediate short-term support ahead of the all-important $650.00. Resistances from here come at $688.00, followed by $695.00 and $700.00.
Important Resistance Levels
$688.00 and $695.00
Important Support Levels
$657.00 and $650.00
The RSI is currently recovering from the 30 level.
The MACD is signaling a strong bearish bias.
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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