Technically, the 2-hour chart indicators have moved sharply into the bearish territory.
Ether Price Analysis
During the past few days, we discussed a key range pattern in ETH/USD with resistance around $610.00 and support near $575.00. There were many attempts to move above the mentioned range resistance, but the pair failed to gather momentum and declined below the $600.00 and $580.00 support levels.
ETH/BTC is still stuck in a tiny range with support near 0.0780BTC and resistance at 0.0800BTC. There are a few bearish signs emerging and it seems like the pair could decline below 0.0780BTC in the near term.
Looking at the 2-hour chart of ETH/USD, there was a bearish pattern formed below the $620.00 resistance level. The pair struggled many times to settle above the $610.00 and $615.00 resistance levels.
There was a sharp downward move and the price broke the $600.00 and $580.00 support levels, opening the doors for more losses. The price is now well below the $580.00 and $570.00 range supports, which could accelerate declines in the near term.
Looking at the 12-hour chart of ETH/USD, two bearish trendlines acted as a major barrier for buyers near $610.00. The pair is under a lot of bearish pressure and it may slide toward the $550.00 support area in the near term.
At the outset, the recent bearish break below $580.00 has cleared the path for sellers to take control. However, Ether buyers are likely to take a stand near the $550.00 pivot level.
Overall, the current bearish trend could extend in the short term toward the $550.00 support. An upside correction from the current level will most likely face sellers near the $590.00 and $600.00 resistance levels.