Technically, the hourly chart indicators moved back in the bullish territory with positive signs.
Ether Price Analysis
Yesterday, ETH/USD traded to a new multi-month low at $397.79 before starting an upward move. The pair broke the $409.00 and $415.00 resistances to move into a short-term bullish zone.
ETH/BTC also traded a few points higher and is currently positioned nicely above 0.0550BTC. Should the pair continue to trade higher, it may test the 0.0570BTC and 0.0580BTC resistances.
Looking at the hourly chart of ETH/USD, the pair formed a decent support near $398.00 and traded higher. It broke the $415.00 resistance and the 61.8 percent Fibonacci retracement level of the drop from $426.65 to $397.79.
The price is currently placed near $410.00, but it is struggling to break a major bearish trendline with resistance at $419.00. Therefore, Ether’s price may perhaps correct lower in the short term.
Should there be a break below the $410.00 pivot level, the price could retest the $400.00 support area. Conversely, a successful break above the trendline and $420.00 will most likely open the doors for more gains toward the $430.00 and $440.00 levels.
The 6-hour chart of ETH/USD indicates that the pair formed a solid green candle above $400.00 and might continue to trade higher. The next crucial hurdle for Ether buyers above $430.00 awaits near $450.00 and a bearish trendline.
Overall, Ether is trading with positive signs above $400.00, but further gains above $420.00 and $430.00 are needed to rebound toward $450.00.