Technically, the 30-min chart indicators extended the negative slope and pointing further declines.
Ether Price Approaching Support Zone?
I am personally a bit surprised seeing Ether price down even after a successful 4th hard fork. Its means investors were not impressed much, resulting a decline in Ether price versus the US Dollar and Bitcoin.
The ETH/USD pair failed to sustain move above the $10.00 level, and traded lower. It even broke the last major swing support of $9.80, and tested the $9.60 level.
If we look at the 30-min chart of ETH/USD, there is a bearish trend line formed, which is acting as a downside move catalyst. It is acting as a resistance and preventing an upside break. The pair also recently broke the $9.80-$9.75 support area, which is visible on the same chart.
It looks like there is a high possibility that the pair may continue with the current decline and trade towards the last swing low of $9.60, which may act as a support.
When we look at the 2-hours chart of ETH/USD, there was a break of the 61.8% Fibonacci retracement level of the recent wave from the $9.45 low to $10.24 high. However, the pair is now reaching a couple of important support levels (as highlighted in the chart) at $9.60 and $9.50.
The highlighted support levels must prevent the downside move. If Ether price fails to stay above $9.50, it may ignite further losses with a possibility of a decline towards $9.20.