Technically, the 2-hour chart indicators are showing no signs of a recovery from the bearish territory.
ETH/USD to Decline Further?
The past three sessions were extremely bearish as ETH/USD failed to stay above a crucial support at $780.00. The pair extended declines below $750.00 and tested the $725.00 zone.
On the other hand, ETH/BTC completed a correction wave and started a recovery. It is currently trading above 0.0750BTC, with next resistances on the upside at 0.0780BTC and 0.0800BTC.
Starting with the 2-hour chart of ETH/USD, there was a major decline from the $870.00 swing high. The pair fell sharply and broke many key supports - $850.00, $800.00, $780.00, and $750.00.
A low was formed at $726.37 and it seems like the current downtrend is not over yet. The pair is currently correcting higher with an initial resistance on the upside around the 23.6 percent Fibonacci retracement level of the last decline from the $880.32 high to $726.37 low.
To the topside, there is a key bearish trendline forming on the same chart with resistance at $775.00. Moreover, a rising channel is forming with support near $740.00. If the pair fails to hold the $740.00 support, it could retest the recent $726.37 low.
Below $726.37, the pair may perhaps target $700.00. Looking at the 30-minute chart, there is a short-term contracting triangle forming with resistance at $770.00.
Ether may trade in the $740.00-770.00 range before the next move. A run above $770.00-775.00 could propel ETH/USD back toward the $800.00 mark. On the other hand, a sustained decline below $740.00 could continue the current downtrend.