Technically, the 2-hour chart indicators are correcting higher in the bearish territory.
Can Ether Recover Further?
Yesterday, we discussed the importance of a daily close above $750.00 in ETH/USD. The pair failed to stay above the mentioned $750.00 support, which resulted in further declines below $600.00.
On the other hand, ETH/BTC traded with a minor bullish bias. Bitcoin price also declined sharply recently below $7,000, resulting in a slight upside push in ETH/BTC toward 0.1000BTC.
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $564.11. Later, it formed a short-term support base and started an upward move above $600.00. Ether buyers were successful in pushing the price above the 50 percent Fibonacci retracement level of the last decline from the $857.64 high to $564.11 low.
There was also a break above a bearish trendline with resistance at $640.00 on the same chart. It seems like Ether has started a decent recovery from $564.11, but it has to move above a few crucial hurdles to correct higher.
Moving up to the 2-hour chart of ETH/USD, the pair is facing a major resistance near $800.00 and a bearish trendline. Moreover, the 61.8 percent Fibonacci retracement level of the last decline from the $857.64 high to $564.11 low is an intermediate resistance around $750.00.
The stated $750.00 level was a support earlier and now it may perhaps prevent further gains. An initial support sits at $660.00, followed by $600.00, but the most significant support is $550.00-560.00.