Ether’s price action is indicating a bearish bias against the US dollar and bitcoin. ETH/USD settled below $280.00, which is a strong bearish sign.
Ether reversed all its gains and broke the $280.00 and $270.00 supports against the US dollar.
A crucial bearish trendline is positioned with resistance at $290.00 on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to recover and may extend its decline toward 0.0415BTC.
Technically, the 30-minute chart indicators are signaling a range pattern in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a possible false break above the $290.00 level in ETH/USD. The pair made a u-turn and reversed all its gains to settle below an important support at $280.00.
ETH/BTC is under a lot of pressure below the 0.0440BTC support. The pair may perhaps extend its decline to 0.0415BTC, below which Ether will most likely test the 0.0400BTC level.
Starting with the 30-minute chart of ETH/USD, there was a solid decline from the $298.00-300.00 resistance zone. The pair dropped and broke the $280.00 support level to trade below the last swing low of $270.00. A new weekly low was formed at $259.56; later, the price corrected a few points.
However, the upward move was capped, and Ether’s price is currently following a bearish trendline with resistance at $275.00 on the same chart. Should there be a bullish break above $275.00, the next resistances are at $280.00 and $290.00.
On the downside, an initial support awaits at $268.00, below which the price could test the recent low near $260.00. Moving up to the 2-hour chart of ETH/USD, the pair is clearly in a downtrend from the $321.12 swing high and could drop below the $268.00 pivot level in the near term.
To the topside, the $280.00 resistance and a bearish trendline with resistance at $290.00 are key hurdles for Ether buyers. Only a proper break above these resistances followed by a close above $300.00 may possibly spark more upsides in ETH/USD.
The MACD is showing negative signs in the bearish zone.
The RSI is currently well below the 50 level.
Important Support Levels
$268.00 and $260.00
Important Resistance Levels
$280.00 and $290.00
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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