Ethereum - Ethereum Price Analysis continues to face bearish pressure as it fails to hold USD and Bitcoin. Ether to USD trading pair can trade below # 600,00 if anything does not improve. This week, $ 610.00 resistance does not hold the price against the USD. There is currently significant resistance near $ 600.00.
Ethereum Price Analysis
Ether for USD trading pair failed to break the resistance $ 610.00 and $ 615.00 move even lower towards $ 570.00. As if that was not bad enough, the Ether to Bitcoin pair could not hold above 0.0800BTC and fall into the downward wave. The trade graph shows that the ETH / BTC pair formed a three wave correction pattern 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 surpass Fib retracement 38.2 from its previous fall of $ 722.63 to $ 543.48. The only thing that will reduce the bearish pressure is uninterrupted closing above the resistance level of $ 600.00 and $ 610.00.
There are two recovery waves on the hourly chart for the Ether to USD trading partner. One wave above $ 570.00, but failed to hold near the $ 640.00 and $ 615.00 levels. The second wave on the downside forms decent support around $ 570.00.
If the Ether fails to move above the $ 600.00 and $ 610.00 levels, it could put a lot of pressure on the buyer breaking the $ 570.00 pivot and retest the $ 550.00 support area.
The price action is currently bearish and will remain bearish if the price does not exceed $ 610.00. Profits beyond these levels are needed to pave the way for future gains.
Traders should pay attention to the $ 600.00 and $ 610.00 resistance levels as well as $ 570.00 and $ 550.00 important support levels.
The trader must be on high alert for the next few trading sessions. Ethereum is not the only cryptocurrency that fights in the market. Other major coins such as Bitcoin and Bitcoin Cash are also experiencing difficulties.