Ether's price traded at a new annual minimum of less than $ 320.00 compared to the US dollar. The trend of ETH / USD is overwhelming to the downside under the support of $ 350.00
Ether's price dropped sharply after failing to support $ 350.00 against the US dollar .
The ETH / USD remains in a bearish trend and may fall further below $ 305.00 and $ 300.00.
ETH / BTC fell under important support at 0.0550BTC.
Technically, the hourly chart indicators are gaining momentum in bullish territory.
Ether Price Analysis
Yesterday we discussed the fact that persistent weakness below the $ 350.00 support in the ETH / USD could indicate a more bearish outlook in the short to medium term. The pair broke many key support levels and formed a new annual minimum of less than $ 320.00.
More importantly, ETH / BTC dived under the 0.0550BTC support and tested the 0.0520BTC area. If the pair can not stay above 0.0520BTC, the next stop for sellers could be 0.0500BTC.
Looking at the 6-hour chart of the Eth / USD, there is a clear downward trend visible well above $ 450.00. The pair broke two significant supports for $ 400.00 and $ 350.00 to move further into the negative zone.
The current price action indicates that there is a risk of additional disadvantages in Ether towards support levels $ 305.00 and $ 300.00. Buyers may perhaps struggle near the $ 300.00 handle, but if they fail, the price will likely drop more than $ 30.00-40.00.
A short-term rebound could find resistance near the $ 350.00 and $ 370.00 levels. On top of this, there is a key linking the bearish trend line that is formed with resistance to $ 375.00.
Turning to the timeline of the Ethics / USD, the pair broke a crucial support to the trend line at $ 355.00 and suffered a sharp decline. . The latest candles indicate that Ether's sellers have full control and the price could go down to $ 300.00.
The overall technical structure of all times indicates an increase in the downward trend for ETH / USD and ETH / BTC. The next line of defense for Ether buyers may be close to $ 300.00.
Major Resistance Levels
$ 335.00 and $ 350.00
Important Support Levels
$ 305.00 and $ 300.00
The RSI is entered in the oversold zone.
The MACD is gaining momentum in the bearish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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