Technically, the 12-hour chart indicators are showing signs of an upward move.
Ether Price Analysis
There was a positive price action above the $480.00 support level in ETH/USD. Should Ether buyers gain momentum above $505.00, there could be an upward acceleration in the upcoming days.
Similarly, there are bullish signs emerging in ETH/BTC above the 0.0750BTC support. A successful break above the 0.0780BTC and 0.0800BTC resistances may perhaps open the doors for more gains.
Let’s start with the 12-hour chart of ETH/USD to understand the current price action and the last decline toward $450.00. The pair declined heavily below $500.00 and traded as low as $450.60.
Later, the price started an upward move and broke the 23.6 percent Fibonacci retracement level of the last decline from the $628.21 low to $450.60 low.
The price also moved above the $500.00 level before starting a consolidation. At the outset, there is a bullish breakout pattern formed with resistance at $505.00 on the same chart. A successful break above the bullish pattern will most likely open the gates for an upward extension.
To the topside, there are two connecting bullish trendlines in place with resistance near $600.00. Dropping down to the 2-hour chart of ETH/USD, there is a contracting range forming with support at $490.00 and resistance near $515.00.
Therefore, Ether’s price must clear the $505.00 and $515.00 resistance levels to gain traction this upcoming week. On the downside, an initial support is at $490.00 followed by the all-important $480.00. A bearish break below this last may perhaps push Ether back toward the last swing low at $450.00.