Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
ETH/USD to Retest $800?
Yesterday, ETH/USD saw a range pattern with support at $860.00 and resistance near $870.00. The pair failed to hold the support and started a new downturn.
Moreover, there was no decrease in bearish pressure on ETH/BTC. The pair continued to consolidate losses above the 0.0750BTC level and is currently preparing for the next wave.
Starting with the 2-hour chart of ETH/USD, there was a crucial failure to move above a bearish trendline with current resistance near $862.00. It resulted in a sharp decline that pushed the price below the $860.00 support.
More importantly, there was a break below the last swing low and support at $840.00. The pair accelerated declines and traded close to the $820.00 level. A low was formed today at $822.78 and it seems like the price could correct a few points upward in the short term.
There is an initial resistance around the 23.6 percent Fibonacci retracement level of the last decline from the $868.59 high to $822.78 low. However, the most important resistance is near $840.00, which was a support yesterday.
Moving down to the 30-minute chart, there is a clear downtrend visible in ETH/USD from the $870.00 resistance, and there is a bearish trendline forming with resistances at $840.00 and $845.00.
Therefore, if Ether starts an upward correction, the $840.00 and $845.00 levels are key. On the downside, the recent swing low of $822.00 is a short-term support, a close below which may push the price toward $800.00.