Technically, the 2-hour chart indicators turned sharply lower and entered in the bearish territory.
Ether Price Back to Square One
It seems like Ether started November 2017 on a bearish note as the price faced heavy selling pressure from the $311.00 swing high and started a downside move.
Similarly, there was no recovery in ETH/BTC and the pair tumbled below the 0.048BTC support to trade close to 0.045BTC. Bitcoin price rose to a new all-time high above $6,500 which ignited a sharp downturn in other cryptocurrencies, including Ether.
Yesterday, we saw a key bullish trendline with support at $306.00 on the 2-hour chart of ETH/USD, but the pair failed to hold it. After the break, there was a sharp downside move and the price traded below the 61.8 percent Fibonacci retracement level of the last wave from the $291.64 low to $311.32 high.
The price is now approaching the $295.00 support. Should there be a break below $295.00, the price could test the all-important $292.00 support region.
Looking at the 30-minute chart of ETH/USD, there is a clear downtrend visible with back-to-back bearish candles from the $310.75 swing high. The pair is currently recovering, but faces a major resistance near $302.00.
There is a bearish trendline forming on the same chart with resistance around $302.00-$303.00, where the pair is likely to face strong selling interest.
To sum up, the 2-hour chart presents a bearish stance. To the upside, ETH/USD would need to break above the $302.00-$303.00 region to turn bullish again, with scope, then to advance up to $306.00. While below $295.00, the risk turns toward the downside, eyeing then $292.00 followed by $286.00.