Technically, the 2-hour chart indicators are once again moving higher in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a downward correction in ETH/USD from the $486.95 high. The pair declined toward the $450.00-460.00 support zone, completed a bearish wave, and is currently in a positive zone.
ETH/BTC extended its range moves above the 0.0700BTC support. The pair may possibly start a fresh upward wave once it succeeds in clearing the 0.0720BTC resistance.
Starting with the 2-hour chart of ETH/USD, the pair dipped toward the $450.00-460.00 support, where buyers emerged. The pair almost tested the 50 Fibonacci retracement level of the last wave from the $405.29 low to $486.95 high.
A low was formed at $451.80 and the price started a fresh upward wave. It gained traction and broke a bearish trendline with resistance at $462.00 on 30-minute chart of ETH/USD. More importantly, there was a break above the 61.8 Fibonacci retracement level of the last decline from the $486.95 high to $451.80 low.
Additionally, Ether’s price moved above the $470.00 resistance, signaling a bullish bias. Should the current trend remain intact, the price will most likely retest the $485.00-490.00 resistance zone.
The broken resistance at $470.00 may well act as a support. Below this, the price could revisit the $460.00-450.00 support zone.
To sum up, the current price action indicates more gains in ETH/USD, as long as the $470.00 support is intact, and a clear break above $490.00 could open the door for a push above $500.00.