Technically, the 2-hour chart indicators are moving to and fro around the midlines in the bearish territory.
ETH/USD is Facing a Tough Challenge
After gaining some ground on Monday, ETH/USD failed to move above a major resistance at $550.00. The pair is currently consolidating and trading in a range above the $515.00 support.
ETH/BTC remains in a bearish zone but is holding the 0.0600BTC support level. Above, there are several resistances: 0.0650BTC, 0.0680BTC, and 0.0700BTC.
Looking at the 30-minute chart of ETH/USD, the pair struggled to break the $550.00 resistance. As a result, there was a downward correction below $530.00. However, the decline was protected by the $515.00 level on two occasions, and it seems like there is a decent support forming.
$550.00 and $555.00 are crucial hurdles for more gains in the near term. In the short term, Ether’s price may trade in the $515.00-550.00 range before it makes the next move.
Moving up to the 2-hour chart of ETH/USD, an important bearish trendline with resistance at $545.00 is acting as a major barrier for Ether buyers. A successful 2-hour close above $545.00 and $550.00 could trigger further gains toward $600.00.
An intermediate resistance is the 61.8 percent Fibonacci retracement level of the last decline from the $626.18 high to $454.86 at $560.00.
Considering the current price action and technical structure, the price could move higher toward $600.00 if it holds $515.00.