Technically, the 30-minute chart indicators have moved sharply into bearish territory.
Ether Price is Back to Square One
There was a sharp reversal in ETH/USD from the $304.00 level, moving the pair below the $300.00 and $297.00 support levels. On the other hand, the ETH/BTC pair continues to trade in a range above the 0.041BTC level.
The 30-minute chart of ETH/USD suggests a short-term bearish picture. There was a rejection from the $304.00-$305.00 levels, prompting a downside reaction. Ether’s price attempted an upside break above $305.00 on three occasions, but failed to gain momentum.
As a result, there was a downside move and the price broke a major bullish trendline with support at $297.50. During the downside move, the pair broke the $300.00 support, $295.00 pivot, and the 61.8 percent Fibonacci retracement level of the last wave from the $292.11 low to $304.77 high.
The current price action is bearish for the short-term, and Ether will most likely test the $292.00 and $290.00 support levels today.
Moving on to the 2-hour chart of ETH/USD, it seems like the pair was rejected from a bearish trendline at $305.00. On the flip side, the $290.00 level remains a key support for the current trend.
Should there be a break below $290.00, the pair could trade toward the $276.00 support. On the other hand, if buyers manage to contain losses below $290.00, the price would bounce back toward $300.00 and $304.00.
To the topside, the 2-hour chart bearish trendline is important for a move toward $311.00 or higher. Overall, the short-term trend is bearish, but ETH/USD broadly remains in the $276.00-$311.00 range with limited downsides.