Technically, the 12-hour chart indicators moved into the bearish territory, which is a negative signal for buyers.
Ether Price Decline Gains Pace
The past few sessions were very bearish for ETH/USD as the pair broke a major support at $1,000.00, which has opened the doors for further declines in the near term.
ETH/BTC also declined and broke the 0.0900BTC support. However, the downside move was limited since bitcoin price fell below $10,000.00 versus the US dollar.
Starting with the 12-hour chart of ETH/USD, there was a break below two important bullish trendlines with supports at $1,250.00 and $1,100.00. It seems like there was a major top formed around $1,400.00 and the pair could continue to move down.
It has already breached the 50 percent Fibonacci retracement level of the last wave from the $487.64 low to $1,422.48 high. It means the price is likely to extend declines below $900.00. On the downside, there are two major supports – $840.00 and $750.00.
Both $840.00 and $750.00 were resistances earlier and now they possibly will prevent losses. The mentioned $840.00 support is close to the 61.8 percent Fibonacci retracement level of the last wave from the $487.64 low to $1,422.48 high.
Therefore, a daily close below $840.00 would further accelerate downsides in Ether’s price. The next stop for sellers is $750.00.
Dropping down to the 30-minute chart of ETH/USD, the broken support at $1,000.00 is likely to act as a resistance on the upside. There are also two bearish trendlines positioned at $1,050.00 to prevent gains.
To sum up, the current price action is bearish below $1,000.00. The main supports to watch are $840.00 and $750.00.