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30.08.2023 10:55 AM
Ethereum, the second-largest cryptocurrency by market capitalisation, has been trading in a downward trend against the US dollar since reaching a historical high of 4868 $ on May 2021.
The ETH/USDT pair has formed lower highs and lower lows on the H4 chart, indicating a bearish momentum. The pair has also broken below several key support levels, such as 1800 and 1700 dollars.
Hence, the pair is still facing strong resistance from the descending trendline that connects the lower highs on the depicted chart.
Therefore, based on the technical analysis of the H4 chart, the outlook for the pair remains bearish in the short term.
Ethereum prices continued to decline to test the support level around 1600 which provided significant support.
A break below this level could open the door for further declines towards 1500 and 1300 levels. However, this couldn't happen.
On the other hand, a break above the price level of 1730, may enable further upside movement towards the descending trendline around 1770 for further retesting.
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