Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
ETH/USD Turned Temporarily Bearish
There was no recovery in ETH/USD above $725.00 and the pair declined sharply below the $685.00 and $675.00 support levels. The market was under pressure after Google confirmed it would ban cryptocurrency-related ads starting in June.
ETH/BTC extended consolidation near the 0.0750BTC level. The pair may continue to trade in a range before it attempts an upside break above 0.0780BTC and 0.0800BTC.
The 30-minute chart of ETH/USD suggests that the pair broke a major support near $680.00 to start the current decline. It also surpassed a connecting support trendline at $670.00 to move into a bearish zone.
The pair is clearly in a short-term bearish trend and it remains at a risk of more declines with resistances at $670.00 and $680.00. Above $680.00, there is a bearish trendline on the same chart with resistance at $683.00.
Ether sellers are back in control after ETH/USD broke a major bullish trendline with support at $702.00 on the 2-hour chart. The pair is likely heading lower still toward the $650.00 support and $642.35 low.
The $640.00-650.00 region is a significant support. A successful 2-hour close below $640.00 could trigger a downward push toward $600.00, which is not only a critical psychological line, but also held several declines recently.
On the flip side, Ether’s price would need to break above the $680.00 resistance with some strong momentum if it hopes to advance up to $700.00, the next key resistance which was previously a support.