Technically, the 2-hour chart indicators moved back in the bearish territory.
Ether Price Analysis
The past three days were mostly sideways as ETH/USD traded in a tiny range below the $615.00 resistance. Yesterday, the pair failed to move higher, resulting in a short-term downward reaction below $600.00.
On the other hand, ETH/BTC rose a bit but the 0.0800BTC resistance is still intact. There is a range in place with support on the downside at 0.0780BTC and resistance near 0.0800BTC.
Looking at the 6-hour chart of ETH/USD, the pair made a bearish move below a key connecting bullish trendline with support at $605.00. The price declined and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $505.69 low to $628.21 high.
However, there was no momentum or volatility, suggesting that the recent downward break could be a false break. A crucial support awaits near $580.00-575.00.
The most important support and pivot level is $550.00. There's an intermediate support near $565.00 and the 50 percent Fibonacci retracement level of the last wave from the $505.69 low to $628.21 high.
Moving down to the 2-hour chart of ETH/USD, the pair cleared a key contracting triangle with support at $605.00. Should the price decline further, Ether buyers are likely to take a stand near $580.00.
On the flip side, a bounce back from the current levels may perhaps face barriers near the $610.00 resistance and the 2-hour chart triangle upper trendline. Overall, Ether’s failure to climb above $610.00 initiated a short-term bearish move, with supports at $580.00, $575.00, and $565.00.