We discussed an important resistance near $610.00 on the 2-hour chart of ETH/USD. The pair failed to break the $610.00 and $615.00 resistance levels and retreated toward $570.00.
More importantly, ETH/BTC failed to hold gains above 0.0800BTC and started a downward wave. It seems like the pair is forming a three-wave correction pattern and is currently in the third wave below 0.0800BTC.
Looking at the 6-hour chart of ETH/USD, there is choppy price action near the $600.00 resistance. The last five to six candles indicate indecision and lack of volumes for a follow-through above a crucial resistance near $600.00.
The price struggled to move above the 38.2 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low near $611.00. Therefore, a successful close above the $600.00 and $610.00 resistance levels is required to decrease the current bearish pressure.
Dropping down to the hourly chart of ETH/USD, there were two recovery waves above $570.00, but both failed near the $610.00 and $615.00 levels. On the downside, there is a decent support forming around the $570.00 level.
Topic: Ethereum Price Forecast: Ether Remains In Downtrend (Read 104 times)
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