Technically, the 2-hours chart indicators are positioned well in the bearish zone with no sign of a short-term recovery.
Ether Price Struggle Continues
The ETH/USD pair corrected to $7.92, its highest for yesterday, pulling down intraday to $7.70, to finalize the day with a bearish tone. It looks like a minor correction wave was completed, and the pair is back in a downtrend.
The recent upside move was stalled near the 38.2% Fibonacci retracement level of the last decline from the $8.19 high to $7.70 low. Once the pair found resistance near $7.90, there was a contracting triangle pattern formed on the 30-min chart.
The pair consolidated for some time inside the triangle pattern before making a downside move. The triangle support at $7.82 was broken to clear the way for a down move.
Ether price traded lower, and broke the last swing low of $7.71. At the moment, it looks like the ETH/USD is currently attempting to hold the $7.70 level, but the momentum is such that is won’t be easy.
A break below $7.70 is very likely, which could take the pair towards the 1.618 extension of the last wave from the $7.71 low to $7.92 high at $7.55. When we have a look at the 2-hours chart of ETH/USD, the trend is clear.
The pair is currently attempting to settle below the last swing low, which may further ignite more losses. On the upside, an initial resistance is around a bearish trend line at $7.85-90.
However, the most important resistance on the upside is near $8.00. It is a major weekly pivot and could act as a strong barrier for the Ether buyers.