Ether’s price is under heavy selling pressure against the US dollar and bitcoin. ETH/USD is likely to extend the current decline toward the $425.00 support.
Ether’s price failed to stay above the $455.00 support and declined heavily against the US dollar.
ETH/USD broke a crucial bullish trendline with support at $460.00 on the 12-hour chart.
ETH/BTC is trading lower toward an important support at 0.0550BTC.
Technically, the 12-hour chart indicators are signaling an increase in the bearish momentum.
Ether Price Analysis
Yesterday, we discussed an important support at $455.00 for ETH/USD. The pair failed to recover and declined below the $455.00 and $440.00 support levels to move into a bearish zone.
ETH/BTC also faced an increased selling pressure and declined below 0.0560BTC. It seems like the pair may perhaps extend the current decline toward a key support at 0.0550BTC.
Starting with the 12-hour chart of ETH/USD, the pair failed to break a significant bearish trendline with current resistance at $458.00. It declined and broke a crucial bullish trendline with support at $460.00.
Ether’s price also broke the $455.00, $450.00, and $440.00 support levels to move into a bearish zone. More importantly, there was a close below the 50 percent Fibonacci retracement level of the last wave from the $405.29 low to $515.09 high.
The recent bearish break has opened the doors for more declines toward the next support at $425.00, which previously acted as a hurdle for sellers on a few occasions. Below this, Ether will most likely retest the last swing low of $405.00 in the near term.
Dropping down to the 30-minute chart of ETH/USD, the pair declined heavily and traded toward $430.00. In the short term, Ether’s price may perhaps recover above $435.00. However, there are many hurdles like $440.00, $445.00, and a bearish trendline with resistance at $452.00.
Therefore, recoveries in ETH/USD are likely to be capped by the previous supports near $450.00. To the downside, Ether buyers need to protect the $425.00 support. If not, there is a risk of more declines toward $405.00 and $400.00.
Important Resistance Levels
$445.00 and $452.00
Important Support Levels
$425.00 and $405.00
The RSI is well below the 35 level and is heading south.
The MACD is gaining momentum in the bearish zone.
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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