Technically, the 6-hour chart indicators are flat around their midlines in the bullish territory.
Ether Price Analysis
There was no upside push in ETH/USD and the pair remained below the $475.00 and $480.00 resistance levels. On the other hand, the ETH/BTC pair extended its declining streak and even failed to hold the 0.040BTC support.
Ether’s continuous decline versus bitcoin has increased the overall bearish pressure. Looking at the 2-hour chart of ETH/USD, the pair is following a crucial bearish trendline with current resistance at $463.00.
The trendline is preventing an upside break toward $500.00. On the positive side, the pair is still above the $450.00 support level. The mentioned support is key for the next break, either above $463.00 or below $450.00.
On the downside, the next major support sits at $425.00-420.00. However, a proper 2-hour close below $450.00 would be a bearish signal for an extended downside acceleration toward $405.00-400.00 in the near term.
The 6-hour chart of ETH/USD suggests why declines below $450.00 could be significant. There is a major bullish trendline forming with support around $455.00-450.00. Therefore, a successful close below $450.00 will most likely increase bearish pressure on Ether.
To the topside, the pair has to break the $480.00 resistance. An upward acceleration through $480.00 should see Ether’s price testing the $500.00 region, while gains beyond this last could lack momentum.
Overall, ETH/BTC’s decline should find support soon around 0.0380BTC. Otherwise, ETH/USD’s could decline below $450.00 and the upward potential will be denied in the short term. The next major supports are $425.00, $420.00, and $405.00.