Technically, the 2-hour chart indicators moved into the bearish territory.
Can ETH/USD Recover Losses?
Yesterday, we discussed how ETH/USD lost momentum below $690.00. After a continuous failure to move above $690.00, the pair declined and broke many key supports, such as $675.00 and $650.00.
There was also an increase in selling pressure on ETH/BTC, but the 0.0720BTC support acted as a hurdle for sellers and prevented them from taking control. The pair is now consolidating around the 0.0720BTC level.
Starting with the 6-hour chart of ETH/USD, the pair struggled to settle above $700.00. It made a few attempts to clear the $690.00 and $700.00 hurdles, but Ether buyers failed to gain momentum, resulting in a downside break.
During the decline, there was a break below a crucial bullish trendline with support at $675.00. More importantly, the price cleared the 50 percent Fibonacci retracement level of the last wave from the $592.86 low to $698.90 high.
There was also a spike below the $640.00 support, but the price later recovered. Dropping down to the 2-hour chart of ETH/USD, it seems like the $635.00-640.00 region acted as a strong support.
The price is currently correcting higher toward the support-turned-resistance at $675.00. A successful 2-hour close above $675.00 is needed to decrease the current bearish pressure on Ether.
On the downside, the $640.00 support holds the key. Should there be a close below $640.00, the price could accelerate declines toward the all-important $600.00 support. But this last support should prevent further declines, as it won't be easy for Ether sellers to push ETH/USD below the psychological mark.