Technically, the 2-hour chart indicators are consolidating below midlines.
ETH/USD Forming Support
After a significant decline, ETH/USD found support around $575.00. The pair started correcting higher and it is currently showing a few positive signs with support at $590.00.
As discussed yesterday, ETH/BTC declined further and tested the 0.0720BTC support. If the pair fails to stay above 0.0720BTC, it may perhaps test the next support at 0.0700BTC.
Looking at the 2-hour chart of ETH/USD, the pair is forming a decent support above $575.00. There was a minor upward wave above the 23.6 percent Fibonacci retracement level of the last drop from the $747.89 high to $572.29 low.
However, the pair failed to gain traction above $620.00 and is currently forming consolidation breakout pattern with resistance near $620.00 on the same chart.
If Ether buyers gain control and succeed in pushing the price above $620.00, there could be further gains toward the $650.00 level. On the downside, the triangle support is at $590.00. Should the price fail to stay above $590.00, it will most likely retest $572.00-575.00.
Moving down to the 30-minute chart, ETH/USD is currently attempting to break a declining channel with resistance at $612.00. However, the pair must move past the $618.00 and $620.00 resistance levels to set the pace for an upward move toward $650.00.
On the downside, there is a connecting bullish trendline forming with support at $590.00, which is also the triangle support zone. The current price action is slightly bullish, but it would take a successful 2-hour close above $620.00 for further recoveries in the near term.