Technically, the hourly chart indicators are flat near midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed an important resistance near $610.00 on the 2-hour chart of ETH/USD. The pair failed to break the $610.00 and $615.00 resistance levels and retreated toward $570.00.
More importantly, ETH/BTC failed to hold gains above 0.0800BTC and started a downward wave. It seems like the pair is forming a three-wave correction pattern and is currently in the third wave below 0.0800BTC.
Looking at the 6-hour chart of ETH/USD, there is choppy price action near the $600.00 resistance. The last five to six candles indicate indecision and lack of volumes for a follow-through above a crucial resistance near $600.00.
The price struggled to move above the 38.2 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low near $611.00. Therefore, a successful close above the $600.00 and $610.00 resistance levels is required to decrease the current bearish pressure.
Dropping down to the hourly chart of ETH/USD, there were two recovery waves above $570.00, but both failed near the $610.00 and $615.00 levels. On the downside, there is a decent support forming around the $570.00 level.
A failure to move above the $600.00 and $610.00 resistance levels could put a lot of pressure on Ether buyers, and the price may break the $570.00 pivot to retest the $550.00 support area.
Overall, the current price action is bearish as long as the price is below $610.00, with gains beyond this needed to confirm an interim bottom and further gains ahead.