Ether Price Continues To Tumble
|Ether price made no major attempt over the weekend to recover against the US dollar and Bitcoin.|
|The ETH/USD pair declined further and made a new low once again, breaking the last support at $7.38.|
|The ETH/BTC also tumbled and broke a monster support area at 0.010BTC.|
Technically, the 2-hours chart indicators suggest another downside break with potential of a move towards $7.00.
Ether Price Downside Break
The past few weeks were very bad for Ether price, as it faced a lot of selling pressure against both majors (USD and BTC). The ETH/USD pair decline to a new 4-month low, and traded as low as $7.32. Similarly, the ETH/BTC pair broke an important support at 0.010BTC, and closed below the same.
Looking at the 30-min chart of ETH/USD, it looks like the pair was recently rejected near a declining trend line at $7.60. The same trend line acted as a resistance on 3-4 occasions, and may continue to stop an upside move.
On the downside, there is a support trend line, which is currently holding the price at $7.35. The price recently broke the last swing low of $7.38 to form yet another 4-month low at $7.32.
If looks like there is a chance of a minor upside in ETH/USD, but the trend line resistance may come into action and prevent further gains.
When we look at the 2-hours chart of ETH/USD, there is a monster bearish trend line, acting as a downside move catalyst. It acted as a resistance many times, and stopped upsides in Ether price.
There has been an increase in selling pressure lately, which pushed the price below a minor support trend line at $7.50. If the current candle closes below the highlighted support, there can be additional losses with potential for a move towards $7.00.