Technically, the 2-hour chart indicators are pointing towards neutral momentum.
What’s Next for ETH/USD?
Yesterday, we saw a key support break in ETH/USD as the pair declined below $900.00, and then continued on to break the next major support at $850.00.
On the other hand, ETH/BTC started consolidating losses around the 0.0800BTC level. It may correct higher in the near term with resistances at 0.0850BTC and 0.0880BTC.
Looking at the 2-hour chart of ETH/USD, there was a tiny correction initiated from the $825.00 level. However, the upside move was limited as the pair failed to break $860.00 and a crucial bearish trendline with current resistance at $850.00.
The pair declined past the last low of $825.00 and even broke the $800.00 support, trading as low as $794.30. There is a major support on the downside near $780.00. Therefore, the price could possibly start to consolidate around the $780.00 and $800.00 levels.
However, ETH/USD must move above the $850.00 level to recover and get back into the bullish zone. Looking at the 30-minute chart of ETH/USD, there are two bearish trendlines forming with resistance at $810.00 and $860.00.
In the short term, the price may perhaps retest the $850.00-860.00 resistance zone. Above $860.00, the price should trade back toward the $900.00.
On the downside, the recent low of $794.30 is a short-term support. The most important support sits at $780.00, which has prevented declines on many previous occasions. Therefore, ETH/USD must stay above the mentioned $780.00 level to avoid further declines in the near term.