Ether’s price continues to fall against the USD and may be at risk of trading toward the support level of $650 and $630 soon.
The price of Ether started consolidating losses just above the support level of $665. On an ETH/USD 6-hour chart, Ether rested at a support level of $700. However, the Ether to Bitcoin pair is recovering with a bullish angle and is now above the pivot level of 0.0800BTC.
The ETH/USD Pair May Correct Further
The 6-hour chart shows a bearish bias with some negative signs. There was a major downward move yesterday which took Ether below the $700 support level. The pair may continue to decline and move toward $650-$630.
On the other hand, the price of Bitcoin was faced with increased selling pressure which pushed the Ether to bitcoin pair above the pivot level of 0.0800BTC. This is a positive sign as the pair did not get to the 0.0750BTC support level.
Price Forecast for Ethereum
On the 6-hour ETH/USD chart, there was a close at the $700 crucial support level. Also, there was a break below the Fibonacci retracement level of 61.8% from the last $592.86 and $833.91.
At the time of writing, the pair was trading near $675 and had an immediate support level of $665. Apart from the $665 support level, the next significant support is $650 and 76.4% Fib retracement level of the $592.86 and $833.91.
If Ether is to experience further declines, Ether may go toward the $630 and $600 support levels. On the topside, there has been a major bearish connecting trendline forming at the $720 resistance level.
Following the hourly chart, ETH/USD is trading in a contracting triangle with a $665 support level on the downside. There is a $680 breakout resistance at the upside. If there is an hourly close more than $680 – $685, Ether’s Price may rise above $700 and test the $720 resistance level.
The next few days of trading will review the short term fate of Ethereum.