Technically, the 2-hour chart indicators are gaining downward momentum in the bearish territory.
ETH/USD Could Retest $475
In the weekly analysis, we discussed the importance of the $500.00 support in ETH/USD. The pair failed to hold this level and declined further.
On a positive note, ETH/BTC is still holding the 0.0600BTC support. Should the pair close below 0.0600BTC, the price could accelerate declines in the short term.
Looking at the 30-minute chart of ETH/USD, there was a clear bearish break below a horizontal support at $518.00. As a result, there was a sharp drop and the price broke the $510.00 and $500.00 levels.
A new weekly low was formed at $477.31 before buyers appeared. The last three 30-minute candles are pointing to signs of a recovery. However, there are many hurdles, such as $500.00 and $510.00.
Moving up to the 2-hour chart, it seems like ETH/USD failed to break a significant bearish trendline with current resistance at $515.00.
The current technical structure will remain negative as long as the price is below $515.00, but a successful 2-hour close above this level may perhaps decrease the current bearish pressure and open the doors for a fresh upward wave.
On the flip side, the recent low of $477.31 may act as a decent support, the next buy zone being around $450.00. Overall, Ether could consolidate in the short term but it remains at a risk of more losses until there is a break above $515.00.