Technically, the 6-hour chart indicators are gaining momentum in the bearish territory.
Ether Price Analysis
During the past three sessions, ETH/USD traded in a range with a minor upward correction. The pair traded above the $440.00 level, but it failed to test the $450.00 resistance and is currently moving lower.
Similarly, there was a slight recovery in ETH/BTC above 0.0690BTC. However, the pair struggled to clear the 0.0700BTC resistance and it is currently trading in a negative zone.
Starting with the 2-hour chart of ETH/USD, the pair attempted to break the $448.00-450.00 resistance area on two occasions and failed. It resulted in a downward move and the price traded below the $435.00 support.
Ether’ price is currently trading lower toward the range support at $426.00, below which, the next major support awaits at $420.00. However, should the price bounce back above $435.00, it could make another attempt to surpass the $450.00 resistance and a bearish trendline.
A successful close above $450.00 may perhaps open the doors for a larger upward correction. Moving up to the 6-hour chart of ETH/USD, the pair is currently testing a significant support near $420.00-425.00.
The price action on the same chart suggests that Ether is at risk of a break below $420.00. In the mentioned case, the next crucial support for the current downtrend is at $400.00-405.00.
The 2-hour chart structure suggests that Ether could decline further, despite the oversold conditions seen in intraday technical indicators. The chances of a near-term bounce are slim unless ETH/USD buyers successfully defend the $420.00-425.00 support.
