Technically, the 2-hour chart indicators are still bullish with slight downside momentum.
Ether Price Trading In Range
On late Sunday evening, there was a spike in Ether price towards $51.00 against the US Dollar, but the ETH/USD pair once again failed to break the stated resistance and posted an intraday high of $50.83.
On the other hand, there was no major move versus the Bitcoin, as ETH/BTC managed to hold on to gains above the 0.040BTC support.
When looking at the 30-min chart of ETH/USD, there was a false break above $50.00, as the price quickly reversed gains. On the upside, the $49.05 level is acting as a short-term resistance with more than 4 failures.
The recent failure ignited a downside move in Ether price, as it traded towards $48.00. There is a minor bearish trend line formed with resistance at $48.25, however, there is a connecting support trend line at $47.80.
If the price extends the current decline, it is likely to find buyers near $48.00 or $47.80. A break on the upside above the highlighted bearish trend line could push the price towards the $49.00-49.05 resistance.
Looking at the 2-hour chart of ETH/USD, there is a double top formation near $50.90, however, it may not be considred as a perfect pattern, as the move was likely a false break.
On the bearish front, one thing is worrying. The price broke a bullish trend line with support at $48.70. If this break is true, and the price moves below the 23.6% Fibonacci retracement level of the last wave from the $42.13 low to $50.92 high, there are chances of more declines in Ether price.