Technically, the 30-minute chart indicators are accelerating declines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a crucial bullish trendline with support around $700.00-710.00 on the 2-hour chart of ETH/USD. The pair broke the trendline support, but it is still placed nicely above an important support at $660.00.
There was no major movement in ETH/BTC during the past three sessions. It seems like the pair is consolidating and trading in a range of 0.0820BTC-0.0850BTC.
Looking at the 2-hour chart of ETH/USD, the pair settled below the $700.00 support and also broke the 50 percent Fibonacci retracement level of the last wave from the $657.71 low to $722.63 high.
However, the decline was protected by a key support at $680.00 and the 61.8 percent Fibonacci retracement level of the last wave from the $657.71 low to $722.63 high. Additionally, there is another significant support at $660.00, which is likely to hold the current uptrend.
Should Ether buyers fail to keep the price above $660.00, there could be a change in trend and the price will most likely drop back toward $620.00. Moving down to the 30-minute chart of ETH/USD, it seems like Ether’s price is under selling pressure and is following a major bearish trendline with current resistance at $690.00.
Therefore, a close above $690.00 may decrease the current bearish pressure and Ether could move past $700.00. On the flip side, a break below $680.00 may well expose the $660.00 support.
Overall, the current price action is slightly bearish but as long as ETH/USD is above $660.00, it could bounce back.