Technically, the 2-hour chart indicators are retreating from the overbought levels.
Ether Price Analysis
There was a sharp upward move in ETH/USD during the past three sessions. The pair consolidated near the $480.00 level before surging above key resistances at $495.00 and $500.00.
Conversely, there was a major decline in ETH/BTC below the 0.0680BTC support. Bitcoin's price climbed more than 10 percent, increasing bearish pressure below 0.0680BTC. The next important support awaits near 0.0650BTC.
Looking at the 2-hour chart of ETH/USD, the pair recently formed a solid bullish pattern around the $480.00 resistance and started a significant upward move. It broke many resistances like $495.00, $500.00, and $505.00.
A new monthly high was formed at $515.09 before Ether started a downward correction. It moved below the $500.00 support area and a short-term ascending channel with support at $502.00. Moreover, Ether’s price corrected below the 23.6 percent Fibonacci retracement level of the last wave from the $466.08 low to $515.09 high.
The current price action indicates that Ether could correct lower toward a crucial support at $480.00 and a bullish trendline on the same chart. An intermediate key support is $490.00 and the 50 percent Fibonacci retracement level of the last wave.
Dropping down to the 30-minute chart of ETH/USD, the pair seems to be struggling near the previous support (now resistance) at $500.00. Therefore, the price may perhaps correct further toward $490.00 or $480.00 in the near term.
Overall, Ether is trending upward and dips from the current levels remain supported. An hourly close above $500.00 followed by a break above $510.00 could push the price toward $530.00-550.00.