Technically, the 2-hour chart indicators are moving higher toward the midlines.
Can ETH/USD Recover Further?
After a significant decline below $400.00, ETH/USD formed a good support near $360.00. The pair traded as low as $359.33 before starting an upward correction.
On the other hand, ETH/BTC traded in a range around the 0.0550BTC level. The pair is facing a couple of important resistances at 0.0580BTC and 0.0600BTC, and supports are at 0.0520BTC and 0.0500BTC.
Looking at the 2-hour chart of ETH/USD, the pair was rejected from the $360.00 level on a few occasions, resulting in an upward move above $375.00. During the recovery, there was a break above a significant bearish trendline with resistance at $380.00.
The pair also traded above the 50 percent Fibonacci retracement level of the last leg from the $419.43 swing high to $359.33 low. These are positive signs and it seems like Ether’s price may recover further toward $400.00 and $420.00.
The mentioned $420.00 level is the next crucial resistance and a strong pivot region. A daily close above $420.00 could clear the path for a larger upward correction toward $500.00 in the near term.
The 30-minute chart of ETH/USD suggests that the pair is following an ascending channel with current support near $385.00. Below the mentioned $385.00 support, the price may test $375.00. Finally, the main support sits at $360.00, which must stave off losses if the price fails to move above the $400.00-420.00 resistance zone.
In the short-term, Ether may perhaps recover higher, but a break and close above $420.00 is required for further gains.