Technically, the 2-hour chart indicators are currently near midlines in the bullish territory.
Ether Price Analysis
There were further gains in ETH/USD above the $480.00 resistance. The pair made a nice bullish move and traded to a new monthly high at $495.49 before starting a downward correction.
On the other hand, ETH/BTC failed to hold gains above the 0.0720BTC level and declined. However, losses were limited and the pair remains well supported above the 0.0700BTC level.
Looking at the 2-hour chart of ETH/USD, the pair spiked above the $492.81 swing high and traded toward the $500.00 barrier. However, Ether buyers failed to gain momentum and a new high was formed at $495.49.
The price started correcting lower and declined below $490.00 and the 23.6 percent Fibonacci retracement level of the $452.81 to $495.49 wave. However, there are many supports above the $470.00 level.
An initial support is at $480.00, followed by a bullish trendline with support at $478.00. Below this, the 50 percent Fibonacci retracement level of the wave at $473.00 may hold declines.
Dropping down to the 30-minute chart of ETH/USD, the pair seems to be approaching a short-term break. On the upside, there is a connecting bearish trendline with resistance at $483.00. A successful break above the trendline and $485.00 could open the doors for a fresh bullish wave.
The next resistances are at $490.00 and $495.00, followed by the all-important $500.00 hurdle. On the flip side, a bearish break below $480.00 may possibly push the price toward the $475.00 and $473.00 support levels.