Technically, the 12-hour chart indicators are slowly recovering in the bearish territory.
Ether Price Analysis
This past week, there were heavy declines in ETH/USD as the pair settled below the $400.00 support. The decline was such that the pair even broke the $350.00 support and traded to a new yearly low at $305.38.
ETH/BTC also dropped sharply and broke an important support near 0.0550BTC. The 0.0500BTC support holds a lot of significance and could produce a decent recovery toward 0.0550BTC.
Starting with the 12-hour chart of ETH/USD, the pair fell significantly and cleared many important supports like $400.00, $350.00 and $340.00. Ether is currently in the longest bearish streak this year as it dropped to a new yearly low at $305.38.
The price later started an upward correction and is currently trading above the $320.00 resistance. Ether also moved above the 23.6 percent Fibonacci retracement level of the last decline from the $362.00 swing high to $305.38 low.
However, there are many hurdles on the upside near the $340.00 and $350.00 levels. There is also a connecting bearish trend line with resistance at $365.00 on the same chart.
The 2-hour chart indicates that the $330.00 level is a short-term hurdle along with a bearish trendline. Moreover, the 50 percent Fibonacci retracement level of the last decline could also prevent gains.
Overall, Ether’s price may continue to correct higher in the short term toward the $330.00 and $340.00 resistance levels. Above this, the $350.00 and $365.00 levels are crucial barriers for a larger upward wave.
On the flip side, a bearish break below the $305.00 and $300.00 support levels might ignite heavy declines toward $265.00 and $250.00.