Technically, the 2-hour chart indicators are turning lower towards their midlines.
Ether Price Supports Intact
Yesterday, we were looking for a test of $400.00, but ETH/USD struggled near $395.00 and started a downside move. The technical indicators on the 2-hour chart were showing signs of trend exhaustion, which later resulted in a decline.
Similarly, the ETH/BTC pair declined towards 0.080BTC. The downside move was strong enough to take out a buy wall near 0.080BTC and the pair fell towards 0.078BTC.
Looking at the 30-minute chart of ETH/USD, the pair attempted a break above $395.00 on three occasions. However, buyers failed to gain momentum for a test of the $400.00 level.
As a result, the price declined below a bullish trendline at $390.00 and a horizontal support at $385.00. A new intraday low is formed at $375.41 and it seems like the current decline could extend towards $370.00 or even $365.00.
On the upside, the broken horizontal support at $385.00 would act as a resistance and prevent gains. Moving on to the 2-hour chart of ETH/USD, there are clear signs of a short-term top near $395.00.
The pair broke two key bullish trendlines at $390.00 to start the current decline. The next important support area is near another bullish trendline on the same chart at $370.00 along with a horizontal support at $368.00.
The 50 percent Fibonacci retracement level of the last wave from the $335.40 low to $395.41 high near $365.00 is a crucial support for the current bullish bias. Should there be a close (H2) below $365.00, the pair would decline towards the $350.00 pivot level.
To sum up, ETH/USD has turned bearish short term after struggling to break $395.00. There can be more declines, but as long as it stays above $350.00, it could bounce back.
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.