Technically, the indicators on the 4-hours chart are back in the bearish zone, signaling downsides.
Can ETH/USD Break $8.00?
The recent upside move, which was a part of a rebound in Ether price against the USD and BTC completed yesterday. The price failed to retain the bullish momentum, and started declining.
I highlighted how the $8.80 level acted as a giant resistance for ETH/USD, and pushed the pair down. There was a ray of hope that the pair may again find bids on the downside. However, it failed as there was a break below the 50% Fibonacci retracement level of the last wave from the $7.79 low to $8.75 high.
There was also a move below a bullish trend line formed on the hourly chart of ETH/USD. Many clear rejection patterns are visible in the chart, suggesting a downside move in Ether price.
The price is currently approaching a major support at $8.00. It holds a lot of importance in the short term, and the Ether buyers are likely to show interest around the mentioned level.
If they succeed in defending the $8.00 support, there is a chance of a bounce back towards the $8.50 level. Looking at the 4-hours chart of ETH/USD, there was a bullish break yesterday.
However, it looks like there was another trend line on the upside, which acted as a resistance and pushed the pair down. The last 3-4 candles on the H4 chart are super bearish, and signaling further declines in Ether price.