Technically, the 2-hour chart indicators are extending declines in the bearish territory.
Can Ether's Price Hold $900?
There were further declines in ETH/USD as the pair failed to recover above the $1,000.00 and $1,050.00 resistance levels. It traded toward the $900.00-920.00 support and is currently consolidating losses.
Starting with the 2-hour chart of ETH/USD, there is a clear short-term downtrend in place. The pair attempted to move back above the $1,000.00 level but failed. As a result, there was a downside reaction and the price moved below the $950.00 level.
It tested the $900.00-920.00 support area, which protected further declines. On the upside, there is a major bearish trendline forming with resistance near $990.00 on the same chart. The price has to break the $990.00 resistance and settle above $1,000.00 to move back in the bullish zone.
Should Ether fail to stay above the $900.00 level, the next target for sellers could be $850.00. Considering the 30-minute chart of ETH/USD, the pair is facing a few important resistances on the upside, starting with $950.00.
Above $950.00, there is a bearish trendline with resistance at $960.00. However, the most significant hurdle for Ether buyers is $1,000.00.
A successful close above $1,000.00 could push the price toward the $1,080.00 level, followed by $1,100.00. The short-term technical bias is still bearish, given that in the 30-minute chart, Ether’s price continues moving down around a bearish 20 simple moving average.
Overall, ETH/USD can still trade lower toward or below $900.00 until there is a break above the $990.00 resistance.