Technically, the 6-hour chart indicators turned sharply into the bearish territory.
Ether Price Analysis
There was a sharp bearish reaction during the past two sessions for ETH/USD. Ether’s price failed to move past the $550.00 barrier, resulting in a crucial break below $520.00 and $500.00.
Similarly, ETH/BTC was not able to surpass the 0.0800BTC resistance and started a downward move. The pair is moving lower and it could revisit the 0.0750BTC support.
Starting with the 6-hour chart of ETH/USD, the pair made a few attempts to move above the $550.00 resistance zone. Ether buyers failed to gain momentum above $550.00, resulting in a bearish break.
The price dropped heavily and broke a significant bullish trendline with support at $520.00 on the same chart. More importantly, there was a break below a crucial support at $500.00 and the 50 percent Fibonacci retracement level of the last wave from the $450.60 low to $548.12 high.
The current price action indicates that Ether started a fresh bearish wave and it could accelerate declines below $480.00 in the near term. At the outset, the price is testing the 76.4 percent Fibonacci retracement level of the last wave.
Moving down to the 30-minute chart of ETH/USD, the pair is under heavy selling pressure below $500.00. It seems like the price could continue to move down and test $450.00. If sellers remain in action, the price could feasibly trade at a new monthly low.
There are many hurdles near the $490.00 and $500.00 levels, and two bearish trendlines in place with resistance near $510.00. The overall market sentiment turned quite bearish with supports at $450.00 and $440.00.