Ether’s price recovered slightly against the US dollar and bitcoin. ETH/USD must settle above the $500.00 barrier for further recoveries in the near term.
Ether’s price formed a solid support near the $450.00 level and recovered against the US dollar.
A significant resistance is in place around the $490.00-500.00 zone on the 4-hour chart of ETH/USD.
ETH/BTC is consolidating losses below the 0.0750BTC pivot level.
Technically, the 4-hour chart indicators are recovering from the oversold levels in the bearish territory.
Ether Price Analysis
Yesterday, we saw a major downward move below the $500.00 handle. ETH/USD passed the $475.00 support and tested the crucial support zone near $450.00 where buyers appeared.
ETH/BTC found support just below the 00750BTC pivot level. The pair is currently consolidating losses and is preparing for the next move. A break above the stated pivot level could clear the path for a test of 0.0800BTC.
Looking at the 4-hour chart of ETH/USD, buyers took a stand near the $450.00 level and prevented further slides. Two bullish candles were formed, and the price recovered above $475.00. However, Ether’s price is facing a key hurdle just below the $500.00 level.
There is a major bearish trendline in place with resistance around $490.00-495.00. Should there be a successful close above this, the price could move past the $500.00 barrier and recover further in the near term.
The next hurdle on the upside awaits around $510.00 (the previous range support). Any further gains may perhaps call for a test of the all-important $550.00-560.00 resistance zone. Dropping down to the 30-minute chart of ETH/USD, the pair is showing signs of a recovery above the $465.00 level.
A bearish trendline has formed with resistance around $592.00. On the flip side, there is a bullish trendline with support at $485.00, followed by a horizontal support at $465.00.
Therefore, there is a breakout pattern forming with resistance around $492.00-495.00 and support above $465.00. An upside break above $495.00 would be a positive sign, but a break below $465.00 may well resume the downtrend.
Important Resistance Levels
$495.00 and $510.00
Important Support Levels
$465.00 and $450.00
The RSI is moving higher in the bearish zone.
The MACD is currently reducing the bearish slope.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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