Technically, the 4-hour chart indicators are recovering from the oversold levels in the bearish territory.
Ether Price Analysis
Yesterday, we saw a major downward move below the $500.00 handle. ETH/USD passed the $475.00 support and tested the crucial support zone near $450.00 where buyers appeared.
ETH/BTC found support just below the 00750BTC pivot level. The pair is currently consolidating losses and is preparing for the next move. A break above the stated pivot level could clear the path for a test of 0.0800BTC.
Looking at the 4-hour chart of ETH/USD, buyers took a stand near the $450.00 level and prevented further slides. Two bullish candles were formed, and the price recovered above $475.00. However, Ether’s price is facing a key hurdle just below the $500.00 level.
There is a major bearish trendline in place with resistance around $490.00-495.00. Should there be a successful close above this, the price could move past the $500.00 barrier and recover further in the near term.
The next hurdle on the upside awaits around $510.00 (the previous range support). Any further gains may perhaps call for a test of the all-important $550.00-560.00 resistance zone. Dropping down to the 30-minute chart of ETH/USD, the pair is showing signs of a recovery above the $465.00 level.
A bearish trendline has formed with resistance around $592.00. On the flip side, there is a bullish trendline with support at $485.00, followed by a horizontal support at $465.00.
Therefore, there is a breakout pattern forming with resistance around $492.00-495.00 and support above $465.00. An upside break above $495.00 would be a positive sign, but a break below $465.00 may well resume the downtrend.