Ethereum’s price reached a new low at 657.71 USD. The ETH/USD pair is now positioned in a bearish territory below resistance at 695.00 USD and 710.00 USD. The digital currency’s price failed to break above the 725.00 USD mark after trade and declined massively against the USD. The ETH/USD pair began a downward movement that could see it test a 0.0820BTC support with the 4-hour chart indicator signaling a bearish continuity.
Can The ETH/USD Pair Hold The 650 USD Support?
Yesterday, the possibility of a break below 692.00 USD was forecasted, and the pair descended to break the 676.00 USD support, almost testing 650.00 USD. In a similar scenario today there’s was a short-term bearish reaction. ETH/USD couldn’t break the 0.0850BTC resistance. Instead, it began a downward correction to the 0.0820BTC support level.
From the 4-hour chart, it appears that each recovery is capped by two bearish patterns with resistance around 710.00 USD. The ETH/USD pair is now trading below the 700.00 level. Looking at the downside, the 650.00 USD and 655.00 USD support region hold plenty of importance. Because sellers have succeeded in pushing prices below this level, there could be heavy losses in Ether to around 620.00 USD or lesser than that.
But on the other hand, if there’s a successful 4-hour close beyond both trendlines and 712.00 USD, this may clear the way for buyers to push prices near 750.00 USD and 800.00 USD. Shifting to the 30-minute chart, we can see that the ETH/USD pair is currently making a steady recovery from its recent 657.71 USD low. Looking at the upside, the 695.00 USD support and bearish trendline of 688.00 USD are likely to be resistance. This present price action is bullish looking at the 30-minute chart. However, Ether may be searching for a new direction as the weekend unfolds.
The week low of 657.71 USD is a short-term support just ahead of the 650.00 level. Resistances from here begin at 688.00 USD and is followed by 695.00 USD and 700.00 USD.