Technically, the 6-hour chart indicators are flat above their midlines in the bullish territory.
Ether Price Analysis
During the past three sessions, there were mostly range moves below the $485.00 resistance in ETH/USD. The pair is forming a contracting range and is likely preparing for the next crucial move.
Similarly, ETH/BTC is trading in a tight range above the 0.0700BTC support and below the 0.0720BTC resistance. The next move could be either be above 0.0720BTC or below 0.0700BTC in the near term.
Starting with the 6-hour chart of ETH/USD, the pair formed a key bottom at $405.29 and climbed above the $450.00 pivot level. There was also a break above the 50 percent Fibonacci retracement level of the drop from the $548.12 high to $405.29 low.
Ether’s price traded above the $475.00 resistance, but it faced a strong selling interest near the $485.00 level and a connecting bearish trendline on the same chart. There were a few attempts to clear the trendline, but Ether buyers failed to gain momentum above $480.00.
As a result, the price started a consolidation phase with corrective moves toward the $460.00 support. Dropping down to the 2-hour chart of ETH/USD, it seems like a significant breakout pattern was formed with resistance near $480.00 and support at $460.00-465.00.
Should the price break the $485.00 resistance, there could be a decent rally above the $500.00 barrier. If not, there is a risk of a bearish break below the $460.00 support. The current price action indicates continuous rejection around $480.00, which may perhaps prompt a bearish reaction.