Technically, the 2-hour chart indicators have moved into the bearish territory.
Ether Price Analysis
There was an increase in selling pressure on ETH/USD during the past three sessions. The pair settled below the $600.00 pivot level and even attempted a close below the $580.00 support.
On the other hand, ETH/USD traded in a tiny range. However, it seems like the pair is struggling to break the 0.0800BTC resistance, which could result in a downward move toward the 0.0750BTC support.
The 2-hour chart of ETH/USD is signaling a few bearish signs from the $628.21 high. The pair started a downward correction and declined below the $600.00 pivot level. There was also a close a below a crucial bullish trendline with support at $595.00-600.00.
Furthermore, the pair breached the 50 percent Fibonacci retracement level of the last wave from the $542.03 low to $628.21 high. Finally, the price surpassed the $585.00 support and traded close to the $575.00 support.
However, the decline was protected by the 61.8 percent Fibonacci retracement level of the last wave near $576.00. Ether’s price is currently trading in a range, with an immediate resistance at $592.00 and a bearish trendline on the 30-minute chart of ETH/USD.
Looking at the chart, it seems like the pair is following a declining channel with support near $575.00 and resistance at $592.00. An upside break above $592.00 may perhaps push the price toward the $600.00 pivot level.
On the other hand, a bearish reaction below $575.00 could accelerate declines toward the next major support at $550.00. Overall, the next move in Ether depends on whether the price stays above the $575.00 support.