Technically, the 2-hour chart indicators turned lower into the bearish territory.
What’s Next for ETH/USD?
In the last few analyses, we discussed the importance of the $900.00-910.00 support for ETH/USD. The pair failed to hold this level and declined toward $860.00.
Moreover, ETH/BTC extended declines and tested the 0.0800BTC support area. It's currently trading around 0.0800BTC and consolidating losses.
Starting with the 2-hour chart of ETH/USD, there was a clear break below a crucial support area near $910.00. Frist, the pair broke a connecting bullish trendline at $928.00, and then it broke the stated $910.00 support.
The downturn was substantial as the pair traded close to the $860.00 level. A low was formed at $861.20 before the price started consolidating losses. The recent break could increase short-term bearish pressure on Ether as long as the price is below $910.00.
Moving down to the 30-minute chart of ETH/USD, the pair is forming a correction pattern above $860.00. On the upside, there are two bearish trendlines forming with resistance at $890.00 and $905.00.
The second bearish trendline is significant since it is near the $910.00 pivot. Should Ether’s price correct higher from the current levels, it could face a strong resistance at $905.00-910.00.
A successful 2-hour close above $910.00 is required for the price to move back into bullish territory. Conversely, a downward break below $860.00 could lead to an extended correction toward the $800.00 support region.
Overall, the current price action is short-term bearish with supports at $840.00, $825.00, and $800.00.