Technically, the 2-hour chart indicators are showing positive signs in the bullish territory.
Ether Price Analysis
Yesterday, there was a downward move toward the $460.00 support in ETH/USD. The pair traded as low as $464.18 before losing bearish momentum. Later, it traded higher and retested the $485.00 resistance zone.
ETH/BTC remained confined in a tight range with support near 0.0570BTC. On the upside, a decisive break and close above 0.0600BTC is required for a fresh recovery. If not, the price could decline toward 0.0550BTC.
Looking at the 30-minute chart of ETH/USD, the pair formed a low at $464.18 and traded above the $470.00 resistance level. It traded close to the $485.00 resistance where it faced a strong selling interest, resulting in a bearish reaction.
The price declined and broke a connecting bullish trendline with support at $481.00. Ether also traded below the 23.6 percent Fibonacci retracement level of the last wave from a $464.18 low to $484.09 high.
However, there are many supports on the downside, including $472.00 and the 50 percent Fibonacci retracement level of the last wave. The 2-hour chart of ETH/USD indicates that there is a crucial support forming near $470.00, below which the next support is a bullish trendline at $452.00. An intermediate support and a pivot zone sit at $460.00.
Therefore, dips in Ether’s price remain supported near $470.00. In the short-term, there may well be ranging moves between $460.00-485.00, but only a 2-hour close above $485.00 could push Ether above $500.00.
The current price action is neutral-to-bullish as long as the price is above $452.00, below which the trend will most likely change to bearish.