Technically, the hourly chart indicators are slowly moving lower in the bearish territory.
Ether Price Analysis
Yesterday, we discussed a slight increase in the bearish sentiment below $500.00 in ETH/USD. The pair remained under pressure with resistances near $500.00, $515.00, and $520.00.
On the other hand, ETH/BTC is showing positive signs above the 0.0750BTC. The next major resistances are at 0.0780BTC and 0.0800BTC.
Looking at the hourly chart of ETH/USD, the pair formed a high at $526.29 and started a downward move. It declined below the 50 percent Fibonacci retracement level of the last wave from the $450.60 low to $526.29 high.
More importantly, there was a bearish break below a contracting triangle with support at $495.00. The next support sits near the 61.8 Fibonacci retracement level of the last wave near $480.00. Below this, the most important support awaits above the $460.00 level.
Moving up to the 6-hour chart of ETH/USD, the pair clearly started a crucial decline after it broke a connecting bullish trendline with support at $600.00. A low was formed at $450.60 and Ether is currently forming a contracting triangle with support at $480.00 for the next move.
A bullish break above $500.00 followed by a close above $515.00 may perhaps push the price into a bullish zone. On the flip side, a break and close below $480.00 could increase selling pressure on Ether in the near term.
To sum up, traders must keep a close eye on important supports on the downside at $480.00 and $460.00 for the next wave.