Technically, the 2-hour chart indicators are now well in the bearish territory.
Can ETH/USD Recover?
It was a bad day in the office for Ether buyers as ETH/USD made a sharp bearish turn from the $515.50 high. The pair broke the $450.00 level and is indeed struggling to hold the $400.00 level.
ETH/BTC extended declines and failed to remain above 0.0450BTC. It is now heading toward the next major support at 0.0420BTC, which must hold further declines in the near term.
Looking at the 2-hour chart of ETH/USD, the pair failed to stay above an important support area near $460.00 and $450.00. There were two large bearish candles formed, which suggests an increase in selling pressure on Ether’s price.
The price even traded below the $400.00 level and is currently struggling to stay above the stated level. The $400.00 support is crucial for further declines. Should there be a daily close below $400.00, the price could decline toward the next support at $350.00.
On the upside, the broken support at $450.00 has turned into a major resistance. Buyers will most likely struggle to push the price above $450.00. Moving on to the 6-hour chart of ETH/USD, there was a break below a key bullish trendline with support at $465.00.
The 6-hour chart suggests that the pair is now in the bearish zone below $450.00 and is eyeing a test of the $350.00 support.
To sum up, the recent decline has pushed buyers on the back foot. However, if ETH/USD survives a daily close above $400.00, it could trade in a range before making an upside move toward $450.00.