Technically, the 2-hour chart indicators are sliding back in the bearish territory.
Ether Price to Retest Lows?
It seems like yesterday’s upside move in ETH/USD was more of a rejection at $275.00 rather than a bullish trend change. After a sharp rise, the pair failed to move above the $310.00 level and started a new downward slide.
On the other hand, ETH/BTC was stable and started trading in a range above the 0.052BTC support. It must hold the 0.052BTC and 0.050BTC support levels to remain in the positive zone.
Starting with the 2-hour chart of ETH/USD, there was a complete failure near $310.00-$311.00. The pair moved down and traded below the 38.2 percent Fibonacci retracement level of the last wave from the $275.04 low to $311.25 high.
However, the downside move was protected by the $290.00 support and the 50 percent Fibonacci retracement level of the last wave from the $275.04 low to $311.25 high. There is also a bullish trendline with support at $290.00 on the same chart.
Therefore, it seems like the $290.00 support might play a significant role in the next few sessions. A close below $290.00 could spark further declines towards $285.00 and $280.00.
Moving up to the 6-hour chart of ETH/USD, there is a new connecting bearish trendline forming with current resistance at $305.00. The next hurdle for buyers is near $310.00, yet a more relevant resistance may be seen in the $318.00-$320.00 region.
Overall, the short-term technical picture for Ether remains neutral and the price needs to regain $310.00 to have chances of gaining further. Beyond that point, $318.00 and $320.00 are the next resistances. An immediate support is $290.00, and a break below could support additional slides, first to $285.00 and then $280.00.