Technically, the 2-hour chart indicators are moving lower in the bullish territory.
Ether Price Analysis
Yesterday, we discussed an important bearish trendline with resistance near $625.00 on the 12-hour chart of ETH/USD. The pair climbed above the $600.00 psychological level, but it struggled to break the trendline resistance and formed a short-term top at $628.21.
Similarly, there were decent gains in ETH/BTC above the 0.0780BTC level. The pair tested the 0.0800BTC resistance and is currently consolidating gains above 0.0780BTC.
Looking at the 30-minute chart of ETH/USD, there was a sharp upside move above the $600.00 resistance. The price traded above the $625.00 level, but it failed to hold gains. A new monthly high was formed at $628.21 before the price started a downward correction.
Ether declined and broke a connecting bullish trendline at $618.00 and a horizontal support at $610.00. It also traded below the 50 percent Fibonacci retracement level of the last wave from the $590.25 low to $628.21 high.
The price is currently trading below $600.00 with an immediate resistance at $605.00 and a bearish trendline. Above this, the broken horizontal support at $610.00 could prevent upsides.
Moving up to the 2-hour chart of ETH/USD, the pair is approaching a crucial support area near $580.00. There is also a major bullish trendline with support at $585.00 on the same chart.
Therefore, any further declines toward $585.00 and $580.00 are likely to face a strong buying interest. Should Ether’s price fail to hold $580.00, there could be sharp declines toward $550.00.
On the flip side, ETH/USD is facing resistances near $605.00, $610.00, and $625.00. A successful close above $625.00 will most likely open the doors for a push toward the next barrier at $640.00.