Technically, the 12-hour chart indicators are slowly recovering higher in the bearish territory.
Ether Price Analysis
This past week, there were mostly bearish moves in ETH/USD within a range above the $420.00 support. The pair is currently consolidating in a $30.00 range and is likely forming a support base for an upward move.
Similarly, ETH/BTC is consolidating losses above the 0.0680BTC support. It seems like the pair may perhaps break the 0.0700BTC resistance in the coming sessions and attempt a larger recovery.
Let’s start with the 12-hour chart of ETH/USD to understand the last week’s price action. It seems like the price was rejected from the $500.00 resistance zone, resulting in a sharp decline and close below the $450.00 support.
Ether’s price tested the $420.00 support region before starting a consolidation phase. It is currently trading in a range with support at $420.00 and resistance near $450.00. Above the range resistance, there is a connecting bearish trendline in place at $470.00.
On the downside, a daily close below the range support at $420.00 may increase bearish pressure. The next immediate support is at $405.00, below which Ether could test $400.00.
Moving down to the 2-hour chart, it seems like ETH/USD is forming a strong support near $420.00 for a bullish break. To the topside, there is a crucial resistance near $440.00 and a bearish trendline.
Should there be a 2-hour close above $440.00, Ether’s price may well gain bullish momentum toward $450.00 and $470.00. Overall, the current price action indicates that Ether sellers are losing steam, which could result in a bullish break above $440.00 and $450.00 in the coming days.