The ETH/USD pair continues to be at a risk position with a sharp bearish reaction looming around the corner, ready to take it down to $400 level, with the last few sessions being mostly bearish, as Ether failed to push above the $450 and $455 resistance levels.
The pair of ETH/BTC also failed to recuperate and was forced to extend its decline below the 0.0720BTC support. Buyers may, in fact, hold further losses as the pair approaches 0.0700BTC.
As far as the daily chart of ETH/USD is considered, the pair is in a severe downtrend, with every upward correction being capped. A consistent bearish trend can be seen with the multiple rejections around the $700, $600, and $550 levels.
The pair was trading as low as $421.80 quite recently before recovering, although the upsides were capped and the Ether price continued its slide. The price could apparently fall a bit more, in order to test the next major support at $400.00, and a connecting support trendline.
There are expected to be heavy declines towards $350 if the price ends up breaking the trendline and the $400 support level. If Ether is able to overtake the current resistance at $500 with the crucial bearish trendline at the topside, a path towards a more significant resurgence will be clear and visible.
Although still trading above the $421.80 low, ETH/USD’s 2-hour chart seems to be really struggling to make a bullish move. The pair is expected to drop further in the short term.
The current overall market situation seems to be extremely bearish on both the daily as well as the 2-hour charts.