Technically, the 2-hour chart indicators are moving lower in the bearish territory.
ETH/USD Downsides Remain Limited
After testing a crucial support zone at $700.00, ETH/USD started an upward move. The pair traded above the $750.00 level, but gains were capped at $775.00.
Similarly, there was a minor recovery in ETH/BTC from the 0.0755BTC level. However, the pair seems to be struggling to move above the 0.0800BTC pivot.
The 2-hour chart of ETH/USD indicates that the pair bounced back sharply after it was rejected from the $700.00 support zone. It moved above the 38.2 percent Fibonacci retracement level of the last drop from the $833.91 high to $694.19 low.
However, the upward move was capped by the $775.00 level. It seems like the price completed a correction from the $694.19 low and is currently in the third wave.
Dropping down to the 30-minute chart of ETH/USD, there is a short-term bearish structure forming below $750.00. The pair has already pierced the $740.00 support and the 50 percent Fibonacci retracement level of the last leg from the $694.19 low to $775.30 high.
At the moment, the $720.00 level is preventing losses, but there is still a risk of more declines in the near term. On the upside, there is a connecting bearish trendline in place with resistance at $745.00.
A successful close above $745.00 and $750.00 could clear the path for more gains toward $770.00 and $800.00, and lower, Ether has a strong static support near $700.00.
The overall technical structure is still positive, but a proper bullish break above $750.00 is required for accelerated gains.