Technically, the 2-hour chart indicators failed to move into bullish territory and seem to be moving lower.
Ether Price Recovery is Fading
Yesterday, we saw how ETH/USD formed a key short-term bottom around the $750.00 level. It recovered above the $900.00 level, but it failed to maintain a positive bias.
On the other hand, ETH/BTC started a downside correction, recently trading below the 0.1050BTC support. The next major support on the downside sits at 0.1000BTC.
Starting with the 4-hour chart of ETH/USD, there was a break below two important bullish trendlines with supports at $1,100.00 and $1,065.00. It opened the doors for a significant downside move and the pair traded below the $800.00 level.
A key short-term bottom was formed at $745.78. Later, an upside correction was initiated toward the $950.00-1,000.00 zone. The pair struggled to remain above the 38.2 percent Fibonacci retracement level of the last decline from the $1,238.92 high to $745.78 low.
Ether is currently hovering near $900.00, but could head toward $850.00 if momentum continues to stall. If the price declines below that mark it may test the $800.00-820.00 support area. Below $800, the price could retest the $750.00 support, which holds a lot of importance in the near term.
Moving on to the hourly chart of ETH/USD, there is a bearish trendline forming with resistance at $900.00. The pair must move above the trendline resistance to gain upside momentum and start a fresh recovery.
In the short-term, Ether may perhaps trade in the $800.00-900.00 range before it makes the next move either above $900.00 or toward $750.00.