Technically, the 2-hour chart indicators are moving lower toward their midlines in the bullish territory.
Ether Price Analysis
During the past three sessions, there were positive moves in ETH/USD above the $460.00 support. The pair traded above the $480.00 resistance, but it failed to hold gains and is currently correcting lower.
ETH/BTC started a major consolidation and is currently trading near the 0.0580BTC level. The pair must break the 0.0600BTC resistance to start a decent recovery in the near term.
Starting with the 2-hour chart of ETH/USD, the pair gained traction above the $460.00 support. It traded above the $480.00 resistance and the 50 percent Fibonacci retracement level of the last drop from $515.09 high to $440.85 low.
However, the upward move was capped by a connecting resistance trendline at $484.00 and the 61.8 percent Fibonacci retracement level of the last drop. The pair made a couple of attempts to move past $484.00-485.00, but Ether buyers failed to gain control.
The price started a downward move and broke the $480.00 level and an ascending channel with support at $478.00 on the 30-minute chart. However, the 2-hour chart indicates that there is a strong support near the $470.00 and $460.00 levels.
The 50 percent Fibonacci retracement level of the last wave from the $440.85 low to $484.54 high is also around $460.00. Therefore, should the price correct lower, it will most likely find a strong buying interest near the $460.00 support.
The $480.00 and $485.00 resistance levels may well continue to prevent gains. Above these, the price could accelerate toward $500.00 and $515.00 in the near term.