Technically, the 2-hour chart indicators are struggling to move back into the bullish territory.
Ether Price Analysis
Yesterday, there was a push above the $365.00 resistance in ETH/USD. The pair climbed toward the $370.00 level where it faced sellers, resulting in a fresh downward move.
Similarly, ETH/BTC struggled to surpass the 0.0570BTC level and declined sharply. Bitcoin then rebounded against the US Dollar, which increased bearish pressure on ETH/BTC.
Starting with the 30-minute chart of ETH/USD, the pair declined recently after trading as high as $370.25 and broke the $360.00 support. It also cleared the 50 Fibonacci retracement level of the wave from $350.98 to $370.25.
However, Ether buyers successfully prevented declines below $355.00. The price bounced back and breached a connecting bearish trendline with resistance at $357.00 to move into a positive zone.
An initial resistance awaits at $365.00, above which, the price could retest the recent high at $370.25. Conversely, dips toward $360.00 and the broken trendline at $357.00 remain supported.
The 2-hour chart of ETH/USD indicates that the pair is trading sideways above the $350.00 support. More importantly, there is a short-term breakout pattern forming with resistance near $369.00-370.00 and support above $350.00.
Therefore, Ether’s next move depends on whether buyers succeed in pushing ETH/USD above the $370.00 resistance. The next major resistance is $380.00, followed by the $400.00 pivot level.
In contrast, persistent weakness below the $350.00 support could suggest a more bearish outlook for Ether over the short-to-medium term.