Technically, the 2-hour chart indicators are showing a few bearish signs.
Can Ether’s Price Recover above $730?
It seems like ETH/USD failed to gain momentum above the $765.00 level. As a result, a downside wave was initiated and the pair moved below the $730.00 support.
On the other hand, ETH/BTC remains well supported for more upsides and is currently moving higher toward the all-important 0.0500BTC resistance.
The 2-hour chart of ETH/USD clearly suggests that the pair struggled to break the $765.00 and $770.00 resistance levels. A short-term downside correction was initiated and the price moved below a bullish trendline with support at $730.00.
The price also traded below the $700.00 support and the 23.6 percent Fibonacci retracement level of the last upside wave from the $487.64 low to $765.55 high. It has opened the doors for more losses and the pair remains at a risk of further losses in the near term toward $670.00.
ETH/USD remains supported on the downside near a connecting bullish trendline at $670.00 on the 6-hour chart. The trendline support at $670.00 will most likely prevent further declines. Below $670.00, the next major support on the downside sits at $620.00.
It seems like the pair is currently in the third wave from the $867.75 swing high, which could complete anywhere between $700.00 and $620.00.
As soon as the mentioned third wave is over, Ether’s price will most likely resume its rise back above $730.00. Past this resistance, ETH/USD has to break $765.00 to gain further momentum.