Technically, the 2-hour chart indicators turned lower and moved into the bearish territory.
ETH/USD At A Crossroads
It seems like ETH/USD started this week on a bearish note and broke a few key support levels. The pair failed to move past $1,100.00 and initiated a fresh downside wave.
Bitcoin's price also declined sharply versus the US dollar, resulting in an upside push in ETH/BTC. The pair moved above the 0.0900BTC resistance and is currently trading above the 0.0920BTC level.
Looking at the 2-hour chart of ETH/USD, the pair started a new bearish wave from well above $1,100.00 and broke a crucial ascending channel support at $1,050.00.
The channel break suggests that Ether’s price is under pressure and it could decline further below $1,000.00 in the near term. The next major support sits at $850.00, followed by the last swing low above $750.00.
Dropping down to the 30-minute chart of ETH/USD, there is a short-term negative bias forming below $1,050.00. The pair broke a contracting triangle at $1,060.00 and a horizontal support at $1,015.00. Both the mentioned broken supports are now likely to act as resistances.
To the topside, there is a major bearish trendline with current resistance at $1,065.00. A successful close above $1,050.00 and $1,065.00 is required to eliminate the existing bearish pressure.
Should the current selling pressure remains intact, ETH/USD could extend declines toward $920.00.