Technically, the 2-hour chart indicators are recovering from the oversold levels.
Ether Price Analysis
Yesterday, we discussed that ETH/USD buyers need to protect the $425.00 support. However, the pair failed to recover above the $445.00 resistance and declined toward $400.00.
On the other hand, ETH/BTC was stable above the 0.0550BTC support. The pair may possibly consolidate in the short term before attempting an upward recovery toward the 0.0580BTC and 0.0600BTC resistances.
Looking at the 2-hour chart of ETH/USD, a bearish pattern formed once the pair broke the $460.00 support, below which, it formed two green candles before declining further. Later, it broke the $445.00 support, formed two more green candles, and fell once again.
The price traded as low as $412.04 and is currently recovering higher. The following three green candles signaled a positive shift above $410.00. However, Ether’s price is facing many hurdles near the $425.00 and $430.00 levels.
There is also a key connecting bearish trendline with resistance at $432.00 on the same chart. An intermediate resistance is the 23.6 percent Fibonacci retracement level of the last drop from the $484.10 high to $412.04 low.
Dropping down to the 30-minute chart of ETH/USD, there is a strong resistance area near $430.00 and the price is struggling to close above a bearish trendline at $424.00.
Should the price fail to breach the $425.00-430.00 resistance region, it could decline back toward the last swing low of $412.00. Below this, the next important supports are $405.00 and $400.00. Conversely, a 2-hour close above $430.00 may well open the door for a recovery toward $460.00.