Technically, the 12-hour chart indicators are recovering with a positive angle in the bearish territory.
Ether Price Analysis
Yesterday, there was a downward correction in ETH/USD below the $550.00 pivot level. However, losses were limited as the $540.00 support area acted as a barrier and prevented further slides.
ETH/BTC remained above the 0.0750BTC support and is currently moving higher toward the 0.0780BTC resistance. The pair may continue to climb in the following sessions to test 0.0800BTC.
Starting with the 2-hour chart of ETH/USD, there was a pullback from the $585.00 swing high. The pair declined and tested the $540.00 support. It held the 50 percent Fibonacci retracement level of the last wave from the $505.69 low to $585.01 high and recovered later.
The price is currently trading with a positive bias above the $560.00 level. However, Ether’s price is facing a significant resistance near $580.00-585.00, above which, the price could revisit the $605.00 resistance zone.
On the downside, there is a major bullish trendline formed with support at $560.00. Moving up to the 12-hour chart of ETH/USD, the pair is making an attempt to settle above a declining channel with resistance at $575.00.
A successful 12-hour close above $575.00 may perhaps initiate a larger rally toward the $650.00 resistance. There is also a bearish trendline on the same chart with current resistance at $670.00.
Overall, the current market sentiment is positive and a bullish break above $585.00 will most likely push Ether in an ascending path toward $650.00.