Technically, the 2-hour chart indicators are moving further into extreme oversold levels in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a crucial resistance near $535.00 for an upward recovery in ETH/USD. The pair failed to break it, resulting in a fresh downward wave below the $510.00 support.
ETH/BTC also came under bearish pressure and extended declines below 0.0780BTC. The pair fell and cleared the 0.0750BTC support to move into a short-term downtrend.
Starting with the 30-minute chart of ETH/USD, the pair declined sharply below the $520.00 and $510.00 support levels. There was even a close below a significant support at $500.00. The price traded toward the $480.00 level before starting an upward correction.
However, Ether failed to move back above the $500.00 handle, resulting in a fresh downward move. The price declined and broke a key support near the $480.00 level.
At the outset, the price is trading well below the $500.00 pivot level and is forming a short-term breakout pattern with resistance around $485.00 and a bearish trendline on the same chart. A break above the $485.00 resistance followed by a close above the $500.00 handle is needed for a positive recovery.
Moving up to the 2-hour chart of ETH/USD, there was a break below a major consolidation support at $510.00, igniting a sharp downward move.
To the topside, there is a significant bearish trendline formed with resistance around $505.00. Therefore, the price must clear the $485.00, $500.00, and $505.00 hurdles to start a bullish recovery.
However, should there be further declines in ETH/USD, the pair could trade toward $450.00 support area.