Technically, the 30-minute chart indicators are signaling a strong bearish bias.
Ether Price Analysis
During the past three sessions, there was no major upward move for ETH/USD. The pair struggled to recover above the $480.00 resistance level, resulting in a decline.
On the other hand, ETH/BTC started an upward correction and is slowly moving toward the 0.0600BTC resistance. Bitcoin's price declined sharply below $8,000 versus the US dollar, helping Ether in correcting higher.
The 30-minute chart of ETH/USD indicates that the pair started a major drop after forming the $484.10 high. It fell and broke a key support area near $470.00-475.00. Ether sellers gained control, resulting in a break below the $460.00 support.
The price traded as low as $456.99 and is currently recovering higher. There is an initial resistance near $465.00 and the 23.6 percent Fibonacci retracement level of the last drop from $484.10 high to $456.99 low.
However, the most important resistance is around $475.00 and a bearish trendline on the same chart. If it can overcome this hurdle, Ether’s price will most likely revisit the $485.00 resistance area.
Should the price fail to move past $465.00, it could resume its descent toward the $456.99 low and a connecting support trendline on the 30-minute chart. Below this, ETH/USD may perhaps trade toward a crucial bullish trendline with support at $452.00 on the 4-hour chart.
The chart suggests that the price is currently in the fifth wave from the $515.09 high. It may well complete the current wave structure anywhere between $440.00-450.00 and climb higher.
Overall, Ether's recovery won’t be easy but as long as the price is above the $440.00 low, it could bounce back and break the $485.00 resistance in the near term.