Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Ether Price Analysis
During the past two sessions, there were a couple of attempts by ETH/USD to settle above the $300.00 level. However, the pair failed to gain pace and dropped below important supports like $296.00 and $290.00.
ETH/BTC also extended losses and declined below the key support at 0.0450BTC. Should the current selling pressure remain intact, the pair could drop toward the 0.0430BTC support area.
Looking at the 2-hour chart of ETH/USD, the pair formed three swing highs at $321.12, $308.00, and $305.00. It seems like Ether buyers struggled to gain strength, resulting in a downward move below the $295.00 support.
More importantly, there was a break below a crucial bullish trendline with support at $296.00. Ether’s price also broke the 38.2 Fibonacci retracement level of the last wave from the $250.77 low to $321.12 high.
The current price action indicates that Ether could continue to move down toward the $280.00 support and 61.8 Fibonacci retracement level of the last wave. The 30-minute chart of ETH/USD also suggests a similar picture, with a close below the $295.00 support and a bullish trendline.
The $280.00 support holds a lot a significance. Below it, the price will most likely move back in a bearish zone. The next major support is $262.00 followed by the last swing low at $250.00.
To sum up, the current technical structure is indicating weakness below $290.00 in ETH/USD, and the pair may accelerate losses if sellers gain control below $280.00.