Technically, the 2-hour chart indicators are mostly flat above their midlines.
Ether Price Analysis
During the past few hours, there were mostly ranging moves in ETH/USD above the $480.00 support. There are a few positive signs emerging on charts, suggesting a possible bullish break above $500.00.
ETH/BTC is currently trading in a tiny range above the 0.0750BTC support. It seems like the pair may perhaps start an upward move toward the 0.0780BTC and 0.0800BTC resistance levels.
Looking at the 30-minute chart of ETH/USD, there was an intraday low formed at $488.30. Later, the pair recovered and moved above the $490.00 and $495.00 levels. However, the ascent was capped by the $500.00 resistance and a bearish trendline with current resistance at $498.00.
Moreover, there was a failure to break the 61.8 percent Fibonacci retracement level of the last drop from the $507.63 low to $488.30 low.
Should the price climb higher once again, there could be a break above the trendline resistance and $500.00. Moving up to the 2-hour chart of ETH/USD, the pair may soon break a crucial contracting triangle with support near $490.00 and resistance at $500.00.
A successful break above the $500.00 resistance could push the price toward the next resistance at $525.00, above which, the price has a chance to move into a positive zone toward $550.00.
However, a downward break below the triangle support around $490.00 may take Ether’s price toward the key pivot level at $480.00. Any further loss is likely to drive the price toward the all-important $450.00 support.