Technically, the 2-hour chart indicators are near their midlines in the bullish territory.
Ether's Price is Facing Major Resistance
ETH/USD keeps failing around the $475.00-480.00 resistance and it recently declined sharply toward the $440.00 and $450.00 supports, which protected further losses.
ETH/BTC kept on declining and moved below the 0.0420BTC support. The pair tested the 0.040BTC support and is currently finding it difficult to recover in the near term.
Starting with the 30-minute chart of ETH/USD, the pair failed to gain momentum above $481.24 and started a downside move. During the decline, there was a break below a key bullish trendline at $479.00. The pair traded as low as $440.24 before starting a correction.
It corrected by more than 50 percent of the last drop from the $481.24 high to $440.24 low. However, buyers failed once again: Ether’s price made a downside move and broke a connecting bullish trendline at $466.00.
The recent low was near $446.00 and it seems like the price is preparing for another upside move. It is facing resistances near $470.00, $475.00, and $480.00 levels. Moving on to the 2-hour chart of ETH/USD, there is a bullish trendline forming with current support around $450.00.
The same chart suggests that there are two support levels – $450.00 and $425.00. Should there be a break below $425.00, Ether could retest the last swing low of $394.11.
Overall, the 2-hour chart technical indicators are signaling positive bias and recently bounced from around their mid lines, leaning ETH/USD scale toward the topside. Upsides beyond $470.00 expose $480.00 followed by the $500.00 handle.