Technically, the 6-hour chart indicators moved in the bearish territory with negative signs.
ETH/USD Could Correct Further
Yesterday, we saw a major downward move in ETH/USD below an important support at $700.00. The pair is currently consolidating losses, and it seems like it might continue to decline toward $650.00 and $630.00.
On the other hand, bitcoin's price faced an increased selling pressure, pushing ETH/BTC back above the 0.0800BTC pivot level. The pair did not test the 0.0750BTC support, which is a positive sign.
Starting with the 6-hour chart of ETH/USD, there was a daily close below a crucial support at $700.00. There was also a break below the 61.8 percent Fibonacci retracement level of the last wave from the $592.86 low to $833.91 high.
The pair is currently trading near $675.00, with an immediate support near the recent low at $665.00. Below the stated $665.00 support, the next major support is at $650.00 and the 76.4 percent Fibonacci retracement level of the last wave from the $592.86 low to $833.91 high.
Any further declines could push the price toward the $630.00 and $600.00 support levels. To the topside, there is a major connecting bearish trendline forming with current resistance at $720.00.
Dropping down to the hourly chart of ETH/USD, the pair seems to be trading inside a contracting triangle with support at $665.00. On the upside, there is a breakout resistance at $680.00. Should there be an hourly close above $680.00 and $685.00, the price may move above $700.00 to test the $720.00 resistance.
On the flip side, a successful break below the triangle support at $665.00 will most likely push Ether further into the bearish zone.