Technically, the 12-hours suggests a channel formation with the pair testing support zone.
ETH/USD Trend Analysis
There was another attempt by Ether price to trade higher versus the US Dollar, but it failed to retain the traction. The price formed a higher low, and faced resistance near the $10.65-70 levels.
Looking at the hourly chart, it is quite clear that there are many hurdles for the ETH/USD pair on the upside. First, there are two bearish trend lines coinciding at $10.60. Second, the previous support turned resistance at $10.75-80. Third, the 61.8% Fibonacci retracement level of the last decline from the $11.02 high to $10.24 low.
The last four hourly candles were bearish, and pointing towards the amount of bearish pressure on ETH/USD. Furthermore, the price is forming a higher-low pattern, which means there is a chance of a dip towards the last swing low of $10.24.
When we look at the wave count, the price is currently in the 5th wave, having the potential of further losses. Let us look at a higher timeframe chart to know better. The 12-hours chart of ETH/USD is constructive, and there is a sideline channel pattern formed.
The pair is currently trading near the channel support area. So, there can be two possibilities. The price may break it for a move towards $10.00 or it can bounce and attempt to recover some ground. The chances of a downside move are more since the indicators are pretty bearish and not signaling any kind of recovery at the moment.