Technically, the 4-hour chart indicators turned lower sharply and moved into the bearish territory.
Can Ether Price Hold $1,000?
Yesterday, we saw an increase in bearish pressure on ETH/USD from the $1,380.00 swing high. The pair declined sharply during the past three sessions and failed to stay above the $1,200.00 support.
There were declines in bitcoin price versus the US dollar as well, which helped ETH/BTC in staying above the 0.0900BTC support level.
Looking at the 4-hour chart of ETH/USD, there was a double top pattern formed around $1,400.00, which resulted in a downside push. The current move is strong, as there was a break below a major bullish trendline with support at $1,220.00.
The pair traded toward the $1,000.00 level and formed a low at $988.83. It seems like Ether’s price is currently holding the $1,000.00 support, but bearish pressure is not over yet.
Moving down to the 30-minute chart of ETH/USD, there was a recovery from the $988.83 low. However, the $1,150.00 level acted as a resistance. To the topside, there is a bearish trendline with resistance at $1,140.00. Above $1,140.00, there is a crucial horizontal resistance at $1,200.00.
Recoveries from the current levels are likely to face many hurdles between $1,140.00 and $1,200.00. A successful close above $1,200.00 will most likely reduce bearish pressure and could place the price back in bullish zone.
The short-term trend is bearish below $1,200.00. Still, ETH/USD must hold the $1,000.00 support to avoid any further declines.