Technically, the 2-hour chart indicators are slowly declining in the bearish territory.
Ether Price Analysis
Ether faced an increased selling pressure and declined below the $460.00 support area. However, losses were limited and ETH/USD moved back above $460.00.
ETH/BTC remained in a bearish zone and declined below the 0.0620BTC support. The pair is under a lot of bearish pressure and it could trade toward the next significant support at 0.0600BTC.
Looking at the 2-hour chart of ETH/USD, the pair fell sharply and settled below the $480.00 pivot level. There was also a break below the 50 percent Fibonacci retracement level of the last wave from the $425.36 low to $515.09 high.
Later, the pair was upheld above $450.00 and a bullish trendline with current support near $454.00. But below this, Ether’s price could slide back toward the $425.36 swing low.
On the upside, a key bearish trendline has formed with resistance at $465.00 and the next important resistance for further gains awaits at $480.00. Dropping down to the 30-minute chart of ETH/USD, there is a declining channel in place with current resistance at $465.00.
Therefore, a break above the $465.00 resistance could lead to a recovery in Ether. In the short-term, there may possibly be range moves above $455.00, but technical indicators on the 30-minute chart suggest a recovery.