Technically, the 6-hour chart indicators are moving lower in the bearish territory.
ETH/USD Struggles to Recover
Yesterday, we discussed the importance of $420.00 resistance. ETH/USD did trade higher toward that level but failed to break it. As a result, there was a downward reaction and the pair moved below $400.00.
Similarly, there was no upward movement in ETH/BTC. The pair is struggling to hold the 0.0550BTC pivot level and it could decline further.
Looking at the 2-hour chart of ETH/USD, the pair faced a crucial resistance near $420.00, which buyers could not push beyond. Ether fell, breaking the 23.6 Fibonacci retracement level of the last leg from the $359.33 low to $419.38 high.
More importantly, there was a breach of a bullish trendline with support at $400.00. It seems like the pair is heading toward the range support around the $365.00 level. An intermediate support is the 61.8 Fibonacci retracement level of the last leg from the $359.33 low to $419.38 high at $381.00.
The broken support at $400.00 will most likely act as a resistance today. Above this level, there is a key bearish trendline with current resistance at $405.00 on the 6-hour chart. The same trendline prevented further gains near $419.00 recently and it may continue to do so. Short-term price action still looks a little heavy for Ether.