Technically, the hourly chart indicators are positioned nicely in the bullish territory.
ETH/USD Remains Supported
Yesterday, we saw a solid rise in ETH/USD above the $500.00 barrier. A new monthly high was formed at $529.01 before the pair started a short-term downward correction.
ETH/BTC remained in a bullish trajectory and is currently positioned nicely above the 0.0620BTC support. On the upside, the next resistance awaits at 0.0650BTC.
Looking at the hourly chart of ETH/USD, there was a short-term top formed at $529.01. The pair corrected lower and moved below the 23.6 percent Fibonacci retracement level of the last wave from the $452.41 low to $529.01 high.
The price even traded below the $500.00 level, but the decline was protected by the $480.00 support region. Moreover, the 50 percent Fibonacci retracement level of the last wave from the $452.41 low to $529.01 high was also defended by Ether buyers.
As a result, the price started a fresh upward wave and moved back above $500.00. However, it seems like the current correction phase is not over and the price could decline once again. An initial support is near a bullish trendline on the same chart at $495.00.
Below the mentioned $495.00, there is a crucial support around $480.00. Any further losses may well be limited by a bullish trendline on the 6-hour chart with support at $440.00. To the downside, the most significant support sits at $420.00.
In the short term, Ether’s price could consolidate with swing moves toward the $480.00 and $440.00 support levels.
