Technically, the 6-hour chart indicators are sliding further in the bearish territory.
ETH/USD Could Break $400
There was no relief for Ether buyers as ETH/USD extended its decline and settled below the $450.00 support level. It is currently trading near $400.00.
Similarly, ETH/BTC declined further and traded below a key support at 0.0550BTC. The next major support awaits at 0.0520BTC, followed by the all-important 0.0500BTC.
The 6-hour chart of ETH/USD suggests a bearish structure below $500.00. The pair recently cleared a key support at $450.00, which has opened the door for more losses.
At present, the pair is finding tiny bids near the $400.00 level, but it remains at risk of further declines. An initial resistance is around the 23.6 percent Fibonacci retracement level of the last decline from the $595.00 swing high to the recent low at $405.99.
There is a crucial bearish trendline forming with current resistance at $480.00 on the same chart. It would take a daily close above the $480.00 and $500.00 resistance levels for a short-term trend change.
Moving down to the 2-hour chart of ETH/USD, there are many bearish signs with a close below $450.00. Moreover, a declining channel with current resistance at $430.00 is intact and acting as a downtrend catalyst.
Ether’s overall trend is bearish and the price could decline further. A daily close below $400.00 could further escalate selling pressure on ETH/USD.