Technically, the 2-hour chart indicators are showing no signs of a recovery in the bearish territory.
ETH/USD Remains in Downtrend
Yesterday, we discussed how ETH/USD could retest $454.00. The pair ended up in a decline during the past few sessions, breaking the $450.00 support, and even trading at a new yearly low of $448.05.
More importantly, there was a bearish break in ETH/BTC. The pair failed to stay above 0.0600BTC, resulting in further declines toward the 0.0550BTC support.
The 2-hour chart of ETH/USD suggests a major downtrend from the $590.15 high. The pair broke various supports recently before settling below an important pivot level at $510.00.
The current decline could extend toward the $420.00 level in the near term. On the upside, an initial resistance awaits around the 23.6 percent Fibonacci retracement level of the last decline from the $590.15 high to $448.05 low at $481.58.
The most significant resistance on the same chart is a bearish trendline at $505.00. Moving down to the 30-minute chart of ETH/USD, the pair seems to be consolidating above the $445.00 level.
The technical structure on the chart suggests that there is a key short-term hurdle forming near $475.00 with the help of a horizontal resistance and a bearish trendline.
A successful 30-minute close above the $475.00 resistance may perhaps push the price toward the next hurdles at $500.00 and $505.00.