Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
ETH/USD Changed Course
Yesterday, there were many positive signs on the 2-hour chart of ETH/USD above $750.00, but the pair failed to break the $765.00 technical resistance and declined sharply. A possible reason for the dip is that one of South Korea's biggest cryptocurrency exchanges, Upbit, was raided over the past couple days.
ETH/BTC also faced selling pressure and moved below 0.0800BTC. The current bias is negative, signaling more losses in the short term toward 0.0760BTC and 0.0750BTC.
The 2-hour chart of ETH/USD indicates an important rejection near the $675.00 resistance. The pair started a downward wave and declined below the $650.00 and $640.00 support levels.
More importantly, there was a break below a key contracting triangle with support at $745.00. Finally, Ether sellers even succeeded in pushing the price below a crucial support at $700.00, leading the way to more losses.
The pair traded toward the $665.00 level, which could act as a support in the short term. Despite the ongoing correction from the $667.18 low, the pair remains in a bearish zone.
Should Ether’s price correct higher, the broken support at $700.00 might act as a resistance. Moving down to the 30-minute chart of ETH/USD, there is a bearish trendline forming with resistance near $715.00.
However, a successful daily close above $700.00 will most likely decrease the current selling pressure on Ether.