The good news for Ether was short-lived as Ether has now showing negative signs against Bitcoin and the USD. If things continue this way, the price may go as low as $575.00 and even lower. The price has settled below a significant pivot level of $600.00 breaking a major bullish trendline with $595.00 and $600.00 serving as support.
Ethereum Price Today: Current Price of ETH
The Ether to Bitcoin trading pair is still at the 0.0800BTC resistance level and the chart indicators show that the pair is now in the bearish zone.
Will Ether Survive?
Ether has faced a lot of selling pressure during the last trading sessions and has settled below $600.00. During the last three trading sessions, the pair attempted to close below $580.00. The Ether to Bitcoin pair, on the other hand, traded in a tiny range struggling to break the resistance at 0.0800BTC. This may lead to a downward slope towards the support level at 0.0750BTC.
From the 2 hour Ether to USD chart, there was a bearish wave from $628.21 which caused a decline below the $600.00 pivot level. There was a close below a significant bullish trendline with support levels at $595.00 and $600.00.
Also, the pair crossed the 50 fib retracement level of the last move from $542.03 to $628.21. After that, the price traded close to the $575.00 support surpassing the $585.00 support.
The fall in price was protected near $576.00 which is the 61.8% fib retracement level from the previous wave. The price of Ether is trading with $592.00 as the immediate resistance and there is a bearish trendline on the 30 minute price chart.
Traders should look out for $592.00 and $600.00 as the important resistance levels. The significant support levels are $580.00 and $575.00. The MACD is in the bearish territory and the relative strength index is above 50.
Traders are still anxious as they wait to see how the next few trading sessions will be.