Technically, the hourly chart indicators are gaining momentum in the bullish territory.
Ether Price Analysis
Yesterday, we discussed that persistent weakness below the $350.00 support in ETH/USD could indicate a more bearish outlook over the short-to-medium term. The pair broke many key support levels and formed a new yearly low below $320.00.
More importantly, ETH/BTC dived below the 0.0550BTC support and tested the 0.0520BTC area. Should the pair fail to stay above 0.0520BTC, the next stop for sellers could be 0.0500BTC.
Looking at the 6-hour chart of ETH/USD, there is a clear downtrend visible from well above $450.00. The pair broke two significant supports at $400.00 and $350.00 to move further into the negative zone.
The current price action indicates that there is a risk of more downsides in Ether toward the $305.00 and $300.00 support levels. Buyers may perhaps put up a fight near the $300.00 handle, but if they fail, the price will likely drop more than $30.00-40.00.
A short-term rebound may possibly find resistances near the $350.00 and $370.00 levels. Above the latter, there is a key connecting bearish trendline forming with resistance at $375.00.
Moving down to the hourly chart of ETH/USD, the pair broke a crucial trendline support at $355.00 and declined sharply. The past few candles suggest that Ether sellers are in full control and the price could drop to $300.00.
The overall technical structure on all timeframes are indicating an increased bearish bias for ETH/USD and ETH/BTC. The next line of defense for Ether buyers might be near $300.00.