Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether May Retest $490
There were further gains in ETH/USD as the pair traded above the $483.51 high and formed a new all-time high at $490.34, where a correction was initiated.
On the other hand, the ETH/BTC pair started a bearish wave and moved below the 0.050BTC support. The current price action is negative until the pair moves back above the 0.050BTC level.
Starting with the 2-hour chart of ETH/USD, the pair started a downside correction after forming a new all-time high at $490.34. It moved below the 23.6 Fibonacci retracement level of the last wave from the $451.17 low to $490.34 high.
However, the downside move was limited by a crucial bullish trendline with current support around $470.00. There was a complete test of the 50 Fibonacci retracement level of the last wave from the $451.17 low to $490.34 high.
The pair is currently moving higher and must stay above the trendline support at $470.00 to avoid further declines. Should there be a break below $470.00, the price will most likely retest the last swing low of $451.17.
Moving down to the 30-minute chart of ETH/USD, there is a short-term connecting bullish trendline forming with support around $470.00. Clearly, the $470.00 support is significant for the current trend.
To the topside, the recent high at $490.34 is an immediate resistance followed by the all-important $500.00 handle. ETH/USD will most likely attempt an upside break if it stays above the $470.00 support in the near term.