Ether’s price is slowly recovering against the US dollar whereas it declined further versus bitcoin. ETH/USD is now placed nicely above the $470.00 and $460.00 supports.
Ether’s price gained bullish momentum and broke the $470.00 resistance against the US dollar.
ETH/USD settled above a major bearish trendline with resistance at $460.00 on the 2-hour chart.
ETH/BTC remained in a downtrend and broke the 0.0580BTC support.
Technically, the 2-hour chart indicators moved into the bullish territory with positive signs.
Ether Price Analysis
Yesterday, we discussed an important range resistance near $470.00 and support at $455.00. ETH/USD dipped below the $455.00 support, but it bounced back sharply and broke the key resistances at $460.00 and $470.00.
Conversely, ETH/BTC remained in a downtrend and extended its declines below the 0.0580BTC support. The technical indicators are pointing to an oversold condition, increasing chances of a recovery above 0.0600BTC in the near term.
Looking at the 30-minute chart of ETH/USD, the pair dropped below $450.00 and traded as low as $446.74. Later, the pair consolidated near $450.00 and rebounded sharply. It broke the $455.00 and $460.00 resistance levels to start a fresh upward move.
More importantly, Ether’s price cleared a crucial resistance at $470.00, opening the doors for further growth. The price traded toward the $480.00 level and is currently consolidating gains.
Moving up to the 2-hour chart of ETH/USD, the pair cleared a major bearish trendline with resistance at $460.00 and settled above the 38.2 percent Fibonacci retracement level of the last decline from $515.09 high to $440.85 low.
However, Ether must move above the $480.00 resistance and the 50 percent Fibonacci retracement level of the last decline to confirm more upsides toward $500.00 and $515.00.
Should the price correct lower, it could find support near the previous resistance at $470.00. Below this, the next important support is at $460.00.
The overall price structure indicates an improvement in buying sentiment for Ether above $460.00. A successful close above the $480.00 resistance may perhaps further accelerate gains.
Important Resistance Levels
$480.00 and $500.00
Important Support Levels
$470.00 and $460.00
The RSI is back above the 50 level with a positive angle.
The MACD is gaining pace in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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