Ethereum continues to face bearish pressure as it fails to hold against the USD and Bitcoin.
The Ether to USD trading pair may trade below #600.00 soon if things don’t improve. This week, the $610.00 resistance didn’t hold the price against the USD. There is currently a significant resistance near $600.00.
Price Analysis for Ether
The Ether to USD trading pair failed to break through the $610.00 and $615.00 resistance moving even lower toward $570.00. As if that wasn’t bad enough, the Ether to Bitcoin pair was unable to stay above 0.0800BTC and fell into a downward wave. The trading charts indicate that the ETH/BTC pair is forming a correction pattern of three waves and is currently in the third wave.
Considering the chart, there is a reduction in trading volume above the significant resistance around $600.00. The pair struggled to go above the 38.2 Fib retracement level of the previous fall from $722.63 to $543.48. The only thing that would reduce the bearish pressure is an uninterrupted close above the resistance levels of $600.00 and $610.00.
There were two recovery waves on the hourly chart for the Ether to USD trading pair. One wave was above $570.00, but it failed to hold near the $640.00 and $615.00 levels. The second wave on the downside formed decent support around $570.00.
If Ether fails to move above the $600.00 and $610.00 levels, it could place a lot of pressure on the buyers breaking the $570.00 pivot and retesting the support area of $550.00.
The price action is currently bearish and will remain bearish if the price doesn’t go above $610.00. Gains beyond this level is required to pave the way for future gains.
Traders should take note of the $600.00 and $610.00 resistance levels and the $570.00 and $550.00 important support levels.
Traders need to be on high alert during the next few trading sessions. Ethereum isn’t the only cryptocurrency struggling in the market. Other major coins like Bitcoin and Bitcoin Cash are also struggling.