Technically, the 6-hour chart indicators faced rejection from midlines and are back in the bearish territory.
ETH/USD’s Failed Upward Move
In the weekly analysis, we discussed ETH/USD gaining bullish momentum and trading past the $420.00 resistance. The pair did move higher and broke the $420.00 resistance, but it failed to hold those gains.
On the other hand, there was a nice upward wave in ETH/BTC. The pair settled above the 0.0550BTC pivot level and traded past the 0.0580BTC resistance. The next hurdle for buyers sits at 0.0600BTC.
The 6-hour chart of ETH/USD suggests a solid support at $365.00. The pair started an upward move and broke a couple of important resistance levels at $380.00 and $400.00. The most important thing was a break above the $420.00 resistance.
However, Ether failed to hold gains above $420.00 and it was rejected from a bearish trendline with current resistance at $425.00. The current 6-hour candle is bearish and it seems like the price was rejected from the $430.00 level.
Looking at the 30-minute chart of ETH/USD, the pair made a high at $431.33 and started a sharp downward move. It declined and broke a connecting bullish trendline at $410.00. Additionally, Ether’s price moved below the $405.00 and $400.00 support levels.
An immediate support is at $392.00 followed by $390.00. Should there be a break and 2-hour close below $390.00, the price could decline further toward the $365.00 support zone.
To sum up, it appears that the last bullish wave failed to attract buyers and was rejected from a key resistance. The $390.00 support now holds a lot of importance for the next move in Ether, either above $405.00 or toward $365.00.