Technically, the hourly chart indicators are gaining strength in the bearish territory.
Ether Price Remains in Uptrend
Ether buyers are in action as ETH/USD moved above the $460.00 resistance and is currently showing a lot of bullish signs. On the other hand, the ETH/BTC pair is consolidating above the 0.0420BTC support.
Starting with the hourly chart of ETH/USD, there is a clear uptrend forming with supports near $448.00 and $425.00. There seems to be a crucial ascending channel in place with support at $448.00, which is likely to provide good support in the short term.
The pair is currently above the 50 percent Fibonacci retracement level of the last major correction from the $515.50 high to $394.11 low. Therefore, Ether’s price will most likely accelerate higher toward $475.00 and $480.00 in the near term.
At present, the pair is finding offers near the 61.8 percent Fibonacci retracement level of the last major correction from the $515.50 high to $394.11 low and the $470.00 resistance area. Above the mentioned $470.00 resistance, the channel upper trendline at $475.00 could act as a resistance.
Should there be a break above $475.00, the price would surge toward the all-important $500.00 level. However, the 4-hour chart of ETH/USD suggests that the $475.00-480.00 resistance holds a lot of importance and it won’t be easy for buyers to break it.
The overall trend is bullish and Ether’s price could move higher toward $475.00-480.00 resistance, with a chance of a spike toward the $500.00 handle.