The value of Ethereum significantly declined against bitcoin and the US dollar. The value of Ethereum against the US dollar settled below a key support level of $700, indicating a trend of short-term bearish. Technically, the hourly chart indicators of the digital currency are gathering momentum in the bearish territory.
ETH/USD changed Course
In the 10th of May, there were a lot of positive signs on the hourly chart of Ethereum against the US dollar about $750, but the digital currency failed to exceed the resistance level of $765, and it declined sharply afterward. One of the major reasons for the decline is that one of the largest and most popular digital currency exchange platforms in South Korea – Upbit, was invaded by government authorities over the last few days.
The value of Ethereum against bitcoin also experienced selling pressure and declined to 0.0800BTC. The present bias is negative, showing signs of more losses in the short-term toward 0.0760BTC and 0.0750BTC. The two-hour chart of Ethereum against the US dollar shows a vital rejection close to the resistance level of $745.
Ethereum Downward Movement
The ETH/USD pair began a downward movement and went down below the support levels of $650 and $640. More importantly, there was a decline below a major contracting triangle with $745 support level. Finally, ETH sellers eventually succeeded in pushing the value of Ethereum below an important support level of $700, paving way for more losses.
The ETH/USD pair traded toward the $665 mark, which could be a short-term support line. Irrespective of the ongoing correction from the low of $667, the digital currency is still in a bearish zone. If the price of Ethereum increases further, the broken support level at $700 might act as a resistance level. Nevertheless, a successfully daily close over the $700 mark will likely decrease the present selling pressure on Ethereum.