Technically, the 2-hour chart indicators recovered from the oversold levels in the bearish territory.
Ether Price Analysis
ETH/USD declined below yesterday’s low and traded to a new monthly low at $418.40. However, the $420.00 support zone acted as a strong barrier for sellers, resulting in a sharp upward move.
On the other hand, ETH/BTC continues to show recovery signs and it seems like the pair may settle above the 0.0700BTC resistance. The next hurdles for buyers are at 0.0720BTC and 0.0750BTC.
Looking at the 30-minute chart, ETH/USD extended its decline and broke the $428.00 support. However, the $420.00 area acted as a crucial support and prevented significant losses.
There was a sharp upward move above the $425.00 and $430.00 levels. Ether’s price surged past the 23.6 Fibonacci retracement level of the last drop from the $495.49 high to $418.40 low. The move was strong as the price settled above the $435.00 resistance.
However, the recovery faced a key resistance near the previous swing high at $442.00. Additionally, it seems like there is a connecting trendline formed with current resistance at $443.00. Should the price break past $443.00, the next important resistance awaits near $450.00.
On a positive note, the 2-hour chart of ETH/USD indicates that the pair formed a bullish candle pattern at $418.40. It successfully broke a bearish trendline with resistance at $435.00, but Ether buyers struggled to gain momentum.
The current price action on the 30-minute chart is bullish with supports at $428.00 and $420.00. However, the 2-hour chart still indicates a strong bearish trend, and only a close above the $450.00 resistance could push Ether back into a bullish zone.