Ether’s price recovery remained capped against the US dollar. The decline in ETH/BTC is putting a lot of pressure on ETH/USD buyers.
Key Highlights
Ether’s price is facing a critical resistance near $470.00 against the US dollar.
A crucial range is formed with support at $455.00 and resistance at $470.00 on the 2-hour chart of ETH/USD.
ETH/BTC failed to recover further and declined sharply below 0.0600BTC.
Technically, the 2-hour chart indicators are mostly flat near midlines in the bullish territory.
Ether Price Analysis
There was a slow and steady rise in ETH/USD above the $460.00 level, but gains were capped by the $468.00 and $470.00 resistance levels. The pair is currently forming a range pattern and is preparing for the next move either above $470.00 or below $455.00.
On the other hand, ETH/BTC was not able to hold advancement above the 0.0620BTC support. It declined sharply and even broke the 0.0600BTC support. The next important support on the downside awaits at 0.0580BTC.
Starting with the 2-hour chart of ETH/USD, the pair seems to be consolidating in a crucial range with support near $455.00. There is also a connecting bullish trendline formed on the same chart with support at $460.00.
Therefore, should Ether’s price decline below the trendline and the range support at $455.00, there could be a sharp decline toward the $425.00 support area. Conversely, a successful close above the range resistance at $470.00 will most likely push the price toward the $500.00 resistance.
An intermediate resistance is around $480.00 and the 50 percent Fibonacci retracement level of the slide from $515.09 to $440.85. Dropping down to the 30-minute chart of ETH/USD, there is a short-term breakout pattern formed with resistance near $463.00 and support at $460.00.
The current price action is slightly positive above $460.00, but a break above $465.00 and $470.00 is required for Ether buyers to gain control. If not, there is a risk of a bearish reaction below the range support at $455.00 in the near term.
Important Resistance Levels
$470.00 and $480.00
Important Support Levels
$460.00 and $455.00
2-hour RSI
The RSI is struggling to remain above the neutral (50) level.
2-hour MACD
The MACD is flat 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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