Technically, the 2-hour chart indicators are declining sharply in the bearish territory.
Ether Price Analysis
Yesterday, we discussed that a bearish break below $292.00 in ETH/USD may initiate an extended downside correction. During the past few hours, the pair faced an increased selling pressure, resulting in a break below the $282.00 and $280.00 support levels.
ETH/BTC struggled to move above the 0.0415BTC and 0.0420BTC resistance levels, igniting a fresh bearish wave. The pair dropped and is currently at a risk of sliding below the 0.0400BTC support.
Starting with the 2-hour chart of ETH/USD, the pair formed a short-term top at $297.73 and broke the $292.00 support. Ether sellers got an opening and they succeeded in pushing the price below a significant bullish trendline with support at $282.00.
There was also a break below the 50 percent Fibonacci retracement level of the upside from the $269.69 low to $297.73 high. Should Ether settle below the $280.00 support and the 61.8 percent Fibonacci retracement level of the upside, there could be more losses.
The next crucial support and pivot zone awaits at $270.00, below which the price may dive toward the $250.00 support. Moving down to the 30-minute chart of ETH/USD, there is a clear bearish bias visible from the $296.18 swing high.
To the topside, an initial resistance is near $280.00 and a bearish trendline. However, buyers will most likely face a strong resistance near $285.00 (the previous support) and another bearish trendline.
To sum up, Ether has trimmed this week’s gains and could test the $270.00 support, where buyers are likely to take a stand.