Technically, the 12-hour chart indicators are showing a few positive signs in the bearish territory.
Ether Price Weekly Analysis
After a significant upward move, ETH/USD faced strong resistance near $515.00. A new monthly high was formed at $515.09 and the price declined sharply below the $480.00 pivot level.
More importantly, there was a lot of bearish pressure on ETH/BTC as the pair declined below the 0.0650BTC support area. It traded close to the 0.0600BTC support and is currently recovering above the 0.0620BTC resistance.
Let’s start with the 12-hour chart of ETH/USD to understand why Ether is still in an uptrend above the $445.00 support. The chart indicates that the recent rejection was near an ascending channel resistance at $515.00.
The pair dropped heavily and even broke the $450.00 support. However, losses were protected by the same ascending channel, with current support at $445.00. Ether’s price is currently recovering and is trading above the $450.00 level.
To the topside, there are many hurdles for buyers, starting with the $468.00 level and the 38.2 Fibonacci retracement level of the drop from $515.09 to $440.85. Looking at the 2-hour chart of ETH/USD, the pair broke a declining channel with resistance at $455.00.
Should the price break the $468.00 resistance, the next barrier for Ether buyers awaits at $480.00 (the previous support). Above this, the price will most likely surge higher toward $500.00 and $515.00. Above the latter, the next hurdle is the channel resistance at $525.00.
On the other hand, a failure to gain momentum above $468.00 and $480.00 could result in a downward move toward the channel support at $445.00.
Overall, Ether will most likely move higher as long as it is above $445.00. If it drops below this, the price may revisit the $425.00 support in the near term.