Ether declined sharply below key supports against the US dollar but held ground versus bitcoin. ETH/USD is now well below $700.00 and at a risk of more declines.
Ether is under bearish pressure and declined below $685.00 and $675.00 supports against the US dollar.
There was a break below a major bullish trendline with support at $702.00 on the 2-hour chart ETH/USD.
ETH/BTC is holding the 0.0750BTC support very well.
Technically, the 2-hour chart indicators are gaining momentum in the bearish territory.
ETH/USD Turned Temporarily Bearish
There was no recovery in ETH/USD above $725.00 and the pair declined sharply below the $685.00 and $675.00 support levels. The market was under pressure after Google confirmed it would ban cryptocurrency-related ads starting in June.
ETH/BTC extended consolidation near the 0.0750BTC level. The pair may continue to trade in a range before it attempts an upside break above 0.0780BTC and 0.0800BTC.
The 30-minute chart of ETH/USD suggests that the pair broke a major support near $680.00 to start the current decline. It also surpassed a connecting support trendline at $670.00 to move into a bearish zone.
The pair is clearly in a short-term bearish trend and it remains at a risk of more declines with resistances at $670.00 and $680.00. Above $680.00, there is a bearish trendline on the same chart with resistance at $683.00.
Ether sellers are back in control after ETH/USD broke a major bullish trendline with support at $702.00 on the 2-hour chart. The pair is likely heading lower still toward the $650.00 support and $642.35 low.
The $640.00-650.00 region is a significant support. A successful 2-hour close below $640.00 could trigger a downward push toward $600.00, which is not only a critical psychological line, but also held several declines recently.
On the flip side, Ether’s price would need to break above the $680.00 resistance with some strong momentum if it hopes to advance up to $700.00, the next key resistance which was previously a support.
Important Resistance Levels
$680.00 and $700.00
Important Support Levels
$640.00 and $600.00
The RSI is approaching the 30 level with a bearish angle.
The MACD is gaining pace 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, 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
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