Technically, the 2-hour chart indicators moved into the bullish territory with positive signs.
Ether Price Analysis
In the monthly outlook, we discussed the importance of the $460.00 resistance. ETH/USD surged higher during the past few hours and cleared the $450.00 and $460.00 levels to test the next hurdle at $475.00.
There were decent gains in ETH/BTC as the pair slowly moved toward the 0.0720BTC resistance. An hourly close above this could open the doors for a push toward the next resistance at 0.0750BTC.
Looking at the 30-minute chart of ETH/USD, the pair completed a significant consolidation pattern and broke the $455.00 resistance to start a fresh rally. The recent upward move was strong as the price cleared the $460.00 and $470.00 resistance levels.
The last two candles indicate a solid rise in buying sentiment above the $450.00 pivot. However, the price is currently testing yet another important resistance near $475.00 (as discussed in yesterday’s analysis). Above this, the next barrier for Ether buyers is at $490.00.
Moving up to the 2-hour chart of ETH/USD, there is a clear bullish break visible above $460.00. A 2-hour close above the broken resistance at $455.00-460.00 could boost buying sentiment in the near term.
In the short term, there may possibly be a downward correction toward the $460.00 support. An immediate support is the 23.6 Fibonacci retracement level of the last wave from the $405.29 low to $476.64 high.
Overall, Ether’s price is gaining momentum above the $450.00 pivot level. A successful break above $475.00 and $490.00 could further help ETH/USD in the near term.