Technically, the 20-minute chart indicators moved slowly into the bullish territory.
Ether Price Analysis
Yesterday, there was a sharp decline in ETH/USD below a key support at $450.00. The pair traded as low as $426.03 and is currently correcting higher.
ETH/BTC also started an upward correction after forming a base near the 0.0680BTC support. It could retest the 0.0700BTC resistance, above which, the next barrier for buyers awaits at 0.0720BTC.
Looking at the 30-minute chart of ETH/USD, the pair formed a support base around $430.00 and started an upward correction. It moved higher and broke the $435.00 resistance and a bearish trendline.
Moreover, there was a break above the 23.6 percent Fibonacci retracement level of the decline from the $495.49 high to $426.03 low. However, there are many hurdles near the $450.00-460.00 zone to prevent further gains.
The 2-hour chart of ETH/USD indicates that the pair formed two decent bullish candles to start an upward correction. To the topside, there are horizontal resistances at $450.00 and $465.00 along with a bearish trendline to act as a key barrier.
To recover further and move into a bullish zone, Ether’s price must clear the $460.00 resistance, since it is the 50 percent Fibonacci retracement level of the decline.
On the other hand, should the price fail to recover above $450.00 or $460.00, it could resume its bearish direction. An immediate support is at $435.00, below which, the price may retest $426.00. Finally, the most important support that could possibly hold the current negative bias is sitting at $420.00.