Technically, the 2-hour chart indicators are moving higher in the bearish territory.
Ether Price Analysis
Yesterday, we discussed continued losses in ETH/USD below the $450.00 and $445.00 support levels. The pair did move down further and traded to a new monthly low at $421.80 before staging a solid recovery.
On the other hand, ETH/BTC failed to hold a key support at 0.0750BTC and extended declines. It seems like the pair could continue to move down toward the next support at 0.0720BTC.
Starting with the 2-hour chart of ETH/USD, the pair broke a contracting triangle with support at $470.00, and declined sharply. It broke the $450.00 and $445.00 support levels before forming a low at $421.80.
The price started a solid recovery, and a bullish candle with a long tail was formed at $421.80. Ether buyers gained momentum and pushed the price above the 23.6 percent Fibonacci retracement level of the last drop from the $548.12 high to $421.80 low.
Furthermore, there was a break above a crucial bearish trendline with resistance at $450.00 on the same chart. The pair spiked above the $470.00 level before topping at $473.12. Ether sellers protected further gains above $470.00 and the 38.2 percent Fibonacci retracement level of the last drop.
The 30-minute chart of ETH/USD indicates a short-term rejection at $473.12. However, the price is placed nicely above a connecting bullish trendline with support at $452.00 and a horizontal support at $450.00.
The current price action on the 30-minute chart is stable with a strong support at $450.00, below which, Ether’s price may perhaps drop to $435.00. To the topside, a 2-hour close above $475.00 could accelerate gains in ETH/USD above $485.00 and $490.00.