Technically, the 30-minute chart indicators are moving lower in the bearish territory.
ETH/USD is Seeing Declines
There was a fresh downward wave initiated in ETH/USD from the $590.15 swing high. The pair traded lower and broke two key support levels near $555.00 and $550.00.
ETH/BTC continues to flirt with the 0.0610BTC support. The pair remains at a risk of more declines if it fails to hold the 0.0610BTC and 0.0600BTC levels.
Looking at the 2-hour chart of ETH/USD, there was a short-term top formed at the $590.15 high. The pair failed to break a significant bearish trendline with current resistance at $580.00 and started a downward wave.
During the decline, the pair broke a key bullish trendline and a horizontal support at $555.00. Furthermore, there was a break below the 23.6 percent Fibonacci retracement level of the last wave from the $454.86 low to $590.15 high.
The next support is at $515.00, which is close to the 50 percent Fibonacci retracement level of the last wave from the $454.86 low to $590.15 high.
Dropping down to the 30-minute chart, ETH/USD started a three wave decline from the $590.15 high. It broke a connecting bullish trendline at $560.00 and is currently following a declining channel. It seems like the price may continue falling to complete the current third wave near $515.00-520.00.
To sum up, the current decline could complete either near $520.00 or $515.00 before the price bounces back. On the upside, resistances are at $550.00, $570.00, and $580.00 (2-hour bearish trendline).