Ether’s price is under bearish pressure against the US dollar and bitcoin. ETH/USD could trade in a range below $600.00 for some time before the next move.
Ether’s price failed to settle above the $610.00 resistance and declined against the US dollar.
A crucial resistance is formed near $600.00 on the 6-hour chart of ETH/USD.
ETH/BTC struggled to hold the 0.0800BTC support and declined once again.
Technically, the hourly chart indicators are flat near midlines in the bearish territory.
Ether Price Analysis
Yesterday, we discussed an important resistance near $610.00 on the 2-hour chart of ETH/USD. The pair failed to break the $610.00 and $615.00 resistance levels and retreated toward $570.00.
More importantly, ETH/BTC failed to hold gains above 0.0800BTC and started a downward wave. It seems like the pair is forming a three-wave correction pattern and is currently in the third wave below 0.0800BTC.
Looking at the 6-hour chart of ETH/USD, there is choppy price action near the $600.00 resistance. The last five to six candles indicate indecision and lack of volumes for a follow-through above a crucial resistance near $600.00.
The price struggled to move above the 38.2 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low near $611.00. Therefore, a successful close above the $600.00 and $610.00 resistance levels is required to decrease the current bearish pressure.
Dropping down to the hourly chart of ETH/USD, there were two recovery waves above $570.00, but both failed near the $610.00 and $615.00 levels. On the downside, there is a decent support forming around the $570.00 level.
A failure to move above the $600.00 and $610.00 resistance levels could put a lot of pressure on Ether buyers, and the price may break the $570.00 pivot to retest the $550.00 support area.
Overall, the current price action is bearish as long as the price is below $610.00, with gains beyond this needed to confirm an interim bottom and further gains ahead.
Important Resistance Levels
$600.00 and $610.00
Important Support Levels
$570.00 and $550.00
The RSI is flat near the 35 level.
The MACD is mostly signaling bearish bias.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
ETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Chart and Ethereum Analysis News.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.