Technically, the 2-hour chart indicators are declining in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a crucial double bottom pattern with support at $420.00. However, ETH/USD faced a fresh round of selling, resulting in a significant bearish break below $425.00 and $420.00.
More importantly, ETH/BTC declined further and broke the 0.0700BTC support, and could continue to trade lower toward 0.0680BTC and 0.0650BTC.
Starting with the 2-hour chart of ETH/USD, the pair failed to gain momentum above the $440.00 resistance, resulting in a fresh bearish wave. Ether sellers got control and broke a crucial support at $420.00.
The price declined below $410.00 and traded to a new monthly low. An immediate support awaits at $400.00, below which, the price could decline further toward the $380.00 and $375.00 levels.
To the topside, the broken support at $420.00 may possibly act as a resistance. However, the most important resistance is near $430.00 and two bearish trendlines on the same chart. A successful break above $430.00 and $440.00 is required to overcome further losses during the coming days.
Dropping down to the 30-minute chart of ETH/USD, there is a major downtrend in place below $420.00. Should Ether buyers fail to keep the price above $400.00, it could move further into the red zone.
An initial resistance is at $412.00 and a bearish trendline followed by $420.00 and $430.00. The overall price action indicates Ether’s price is likely to continue declining toward $400.00 and $380.00.