Technically, the 6-hour chart indicators are flat with minor bullish signals in the bearish territory.
Can ETH/USD Make it?
The past few sessions were slightly bearish for ETH/USD as the pair struggled to move higher. It declined and even broke the $700.00 support level.
ETH/BTC continues to trade in a range with a bearish angle below 0.0780BTC. The pair must stay above the 0.0720BTC support to increase chances of an upward recovery.
Starting with the 6-hour chart of ETH/USD, there was a solid decline from the $894.91 high. The pair traded as low as $642.35 and is currently consolidating losses around the $700.00 handle.
More importantly, there is a key contracting triangle forming with resistance at $725.00. The pair struggled to break the triangle resistance on many occasions recently, therefore, a break above the $725.00 resistance could initiate a welcome rally in Ether.
On the downside, the triangle support is currently at $685.00. Should there be a 2-hour close below $685.00, the price may accelerate losses toward the last low of $642.35. Should that be the case, there is a risk of further declines toward $600.00.
Dropping down to the 2-hour chart of ETH/USD, there is a resistance zone forming around $750.00. Thus, a push above $725.00 and $750.00 is required to increase buying interest in the near term.
There is a connecting bullish trendline on the same chart with support at $675.00, a break above which would only contribute to an ETH/USD rally. If the pair can clear $725.00, buyers will set their eyes on the key $750.00 barrier.