Technically, the 2-hour chart indicators are moving lower in the bullish territory.
ETH/USD is Approaching Key Supports
There were further gains in ETH/USD above the $530.00 level. However, the pair could not gain momentum above $535.00, which ignited a downward correction.
On the other hand, ETH/BTC is still above the 0.0620BTC support. The pair is currently consolidating gains before it makes an attempt to surpass the 0.0650BTC resistance.
Looking at the 30-minute chart of ETH/USD, the pair formed a short-term top at $537.51 before declining. It dropped by more than $20.00, and broke supports such as $520.00 and $510.00. There was also a break below the 23.6 percent Fibonacci retracement level of the last leg from the $452.41 low to $537.51 high.
However, there are many supports on the downside, including the $500.00 psychological level. Below the mentioned $500.00, the 50 percent Fibonacci retracement level of the last leg from the $452.41 low to $537.51 high awaits at $492.00.
The 2-hour chart of ETH/USD suggests that the $480.00 and $460.00 levels are crucial supports. Therefore, if there is an extension of the current correction, Ether’s price could find a strong buying interest around $480.00-495.00.
Additionally, the next key support is around $460.00 and a bullish trendline on the same chart. The broken supports at $510.00 and $520.00 will most likely act as resistances. Should Ether succeed in surpassing the $520.00 resistance, the price may resume its uptrend above $530.00.
Overall, ETH/USD is short-term bearish and the 20 SMA maintains a downward slope near the daily low.