Technically, the 6-hour chart indicators are moving south in the bearish territory.
Ether Price Analysis
Yesterday, ETH/USD failed to stay above the $600.00 support and declined significantly. The pair even spiked below the $550.00 support and formed a new monthly low at $543.48.
Additionally, ETH/BTC traded in a range below the 0.0800BTC level. It may continue to correct lower, and it could test the 0.0750BTC support level in the near term.
Looking at the 6-hour chart of ETH/USD, the pair broke a major support at $650.00, clearing the way for more declines. There was a sharp downward move below $600.00 before buyers appeared near $540.00-550.00.
It seems like a close below $650.00 was important, signaling a change in trend for ETH/USD. Should the price correct higher, it will most likely struggle to break the previous support (now resistance) at $640.00-$650.00.
More importantly, there is a crucial bearish trendline formed with current resistance at $695.00. Therefore, any major recoveries above $600.00 and $620.00 could be capped by $650.00 and $695.00.
In the short term, the 30-minute chart of ETH/USD indicates that the pair is forming a base around $550.00. It is currently correcting higher toward a major bearish trendline with resistance at $595.00-600.00.
A successful hourly close above $600.00 may well set the pace for a larger upward correction toward $620.00 and $650.00.
On the flip side, a failure to break the $600.00 and $625.00 resistance levels could restart bearish moves in Ether. Key supports on the downside are at $550.00 and $520.00, followed by the $500.00 handle.