Technically, the hourly chart indicators are struggling to move higher toward midlines.
Ether Price Analysis
The recent Ether’s price recovery was contained by the $440.00 level. The pair is currently trading in a range with support above $420.00 and resistance near the $440.00 level.
ETH/BTC is likely to move higher above the 0.0700BTC resistance since there is an RSI divergence forming on the hourly chart. However, upsides are likely to be capped by the 0.0720BTC resistance.
Starting with the hourly chart of ETH/USD, the pair seems to be forming a bullish pattern with lower highs at $448.08, $447.06, $442.17, and $441.46. Should there be a bullish break above the last high, there could be more gains toward $450.00.
On the downside, there is a key support formed near $425.00, below which the next significant support awaits at $420.00. To the topside, a push above the $441.00 resistance may push the price toward the next crucial resistance near $450.00.
More importantly, there is a significant bearish trendline formed with resistance at $449.00. An intermediate resistance is the 38.2 Fibonacci retracement level of the last decline from the $495.49 high to $418.40 low at $446.00.
Therefore, there is a cluster of resistances starting with $440.00 up to $450.00. Above this last resistance, Ether’s price will most likely move into a bullish zone toward the $500.00 level in the near term.
Overall, the ETH/USD pair could possibly continue to consolidate above the $420.00 support before it makes an attempt to clear the $440.00 and $450.00 resistances.