The price of Ether was unable to cross the $510 resistance level and it is under a lot of pressure against the Dollar. It broke below the otherwise bullish trendline and the support at $500 on the hourly chart of Ether and USD. Currently, the pair is at risk of losing more gains as it has fallen below the $510 level and the 100 hourly SMA.
Price Analysis for Ether
The price of Ether is in a bearish zone against both Bitcoin and the USD. If the bulls don’t gather momentum, the price may fall as low as $475 in the short-term. During the early hours of trading, there was a slight upside move and the Ether to USD Pair gained a few points above $500. Unfortunately, it could not hold the gains and lost momentum again. This was followed by a downside reaction that pushed the price to settle at $500.
The price closed below the $495 level and went lower than the 100 SMA. This is sign of a bearish wave. The price also broke the 23.6% Fib level from the last wave from $447 to $528 and broke the bullish trendline at $500 support. The Ether to USD pair later declined testing the $488 area which is near the 50% Fib level of the last $447 to $528 wave.
At the time or writing, the pair was trading below $500 with a bearish angle. If the price breaks downside, there might be a decline toward the $488 level and even more declines toward $475.
Before the end of today’s trading session, the price may correct by a few points but the bearish trendline will prevent any movement above $500 in the short-term.
From the technical indicators, the MACD is moving into the bullish territory slowly and the relative strength index is below 50. The significant support level is $475 and the significant resistance level is $500. Traders should not make any long-term positions yet.