Technically, the 2-hour chart indicators are approaching their midlines in the bullish territory.
ETH/USD to Bounce Back?
A substantial downside correction was initiated in ETH/USD as the pair moved below the $1,300.00 and $1,260.00 support levels. However, the medium-term bullish trend is intact and there is a crucial support on the downside at $1,190.00.
ETH/BTC also started a correction as it failed to break the 0.1000BTC resistance. The pair is moving lower and is currently trading below the 0.0900BTC level.
Starting with the 30-minute chart of ETH/USD, there is a clear short-term bearish bias forming. A low was formed at $1,122.51 before the pair started moving higher. It succeeded in moving past the 23.6 percent Fibonacci retracement level of the last decline from the $1,383.50 high to $1,122.51 low.
However, the previous support at $1,250.00 and the 50 percent Fibonacci retracement level of the last decline, from the $1,383.50 high to $1,122.51 low, both acted as a resistance.
It seems like Ether’s price is struggling to break the $1,250.00 level. Above the mentioned $1,250.00, there is a bearish trendline with resistance at $1,265.00.
When looking at the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $1,190.00. The pair recently tested the channel support and recovered. As long as the price is above $1,190.00 and $1,150.00, it remains in an uptrend.
On the upside, a close above $1,250.00 is needed to overcome the current selling pressure. Above $1,250.00, the next major hurdle is a bearish trendline at $1,280.00. Past that, the price will most likely trade toward $1,350.00.