Technically, the daily chart indicators are extending declines in the bearish territory.
Could Ether's Price Decline Further?
In the weekly forecast, we discussed a double bottom pattern near $750.00 in ETH/USD. The pair failed to move higher, started a downward move, and broke the $750.00 support.
Similarly, ETH/BTC faced an increase in selling interest and declined below the 0.1050BTC and 0.1000BTC support levels. The next major support sits at 0.0950BTC, followed by 0.0920BTC.
Looking at the 30-minute chart of ETH/USD, the pair is under a lot of pressure and is currently following a bearish trendline with resistance at $775.00.
An immediate support sits at $700.00 and the pair has to break the bearish trendline to move toward $800.00. An hourly close above this point could initiate a fresh recovery for Ether.
Let’s look at the daily chart of ETH/USD to find out the next major supports. The chart suggests that the $750.00 support is significant. Should there be a daily close below $750.00, the pair could decline below $700.00.
The next major support is at $650.00. However, the most important and crucial pivot region is at $500.00. In the short term, there could be further slides in Ether’s price as long as it continues to hover below $800.00 and $850.00.
Even with current market conditions, a daily close above $750.00 could initiate a decent recovery for ETH/USD.