The short-term analysis for Ether is somewhat bearish as the bulls have lost momentum in the market thanks to low price volatility between Bitcoin and the USD. If the bears continue to rule, Ether may fall as low as $575.00.
The Ether to Bitcoin trading pair is still within the 0.0780BTC and 0.0800BTC range and it has a good sideways pattern.
Ether traded in a tiny range against the USD for the past three days which was below the resistance at $615.00. The pair didn’t move further which resulted in a short term downward slope below $600.00.
As for the Ether to Bitcoin pair, there was a upside move which was capped at the 0.0800BTC resistance. The resistance at the downside is around 0.0800BTC while the support is at 0.0780BTC.
Will the Foreseeable Future Be Any Better?
Considering the Ether to USD 6-hour chart, the bears pushed the bulls below the significant bullish trendline which has support at $605.00. Later, the price went below the 23.6% fib retracement zone from the last wave from $505.69 to $628.21.
The volatility which followed suggests that this downward break may be temporary. The significant support now rests around $580.00 and $575.00.
Currently, the pivot and support level that matters most is $550.00 while there is an intermediate support around $565.00 with another support near the 50% fib retracement zone of the last hike from $505.69 to $628.21.
If Ether bounces back from its current levels, it will face a barrier around the $610.00 resistance. Because Ether failed to climb above $610.00, there was a bearish move initiated with support levels at $565.00, $575.00, and, $580.00.
The important resistance levels to look out for are $615.00, and, $610.00. $580.00, and, $575.00 are the important support levels.
The MACD is near the bearish territory while the relative strength index is near 50.
The next few trading sessions will determine Ether’s fate short-term. All we can do is wait and see.