In the short term, the technical structure favors a bearish bias as long as resistance at $11.00 holds.
Ether Remains under Pressure
Ether sellers remained in control versus the US Dollar, as the ETH/USD pair declined further. There was a new low formed at $10.70 where buyers just managed to protect any further losses.
If we look at the 30-min chart of ETH/USD, there is a bearish trend line formed. It is acting as a resistance and preventing the pair to move higher. On the downside, the $10.70 level is acting as a support and protecting losses.
So, there is a tiny range ($10.70-10.80) formed, which may provide us the next move in the short term. On the downside, the next stop can be at $10.50. On the upside, the $11.00 resistance might act as a barrier. It was a support earlier, and now protecting ETH from gaining momentum.
The 2-hours chart of ETH/USD clearly signals a downtrend. The Ether faced a lot of sellers lately and was sold off. However, we must remember that nothing goes up or down in a straight line. So, the ETH/USD pair will sooner or later find support for a recovery.
In my view, there is a still a possibility of a spike down to fill orders, which may then increase the chances of a recovery in ETH/USD. In the short term, we must keep an eye on $10.50 as a support and $11.00 as a resistance.