Technically, the 2-hour chart indicators are moving lower in the bearish territory.
Ether Price Analysis
During the past few sessions, there were mostly range moves with a slight bearish angle in ETH/USD. The pair failed to move above the $475.00 resistance and declined toward the $455.00-460.00 support area.
Similarly, ETH/BTC traded in a range above the 0.0550BTC support. To the topside, the pair is facing many hurdles, starting with 0.0580BTC and followed by 0.0600BTC.
Looking at the 2-hour chart of ETH/USD, the pair failed to break the $485.00 resistance on a few occasions, resulting in a close below $480.00. Similarly, there were rejections above the $470.00 level, pushing the price toward the $460.00 support.
There are two key bearish trendlines formed with resistance near $468.00-470.00 on the same chart. A successful close above $470.00 could push the price toward the all-important $485.00 resistance.
On the downside, there is a strong support forming above the $455.00 level, below which, Ether’s price may perhaps slide further into the red zone. The next supports are $445.00 and $440.00.
Moving down to the 30-minute chart of ETH/USD, there is a short-term resistance formed near $462.00 and a connecting bearish trendline. Should Ether surpass the trendline resistance, it may well trade toward $470.00.
On the flip side, if Ether sellers are strong enough to drive the battle lower and break the $455.00 support, then we may see them aiming for the next support zone of $440.00.
Overall, ETH/USD is trading in a crucial range and it will either surge above $475.00 or drop below $455.00 in the near term.