Ether Price Analysis
There was a downside break in ETH/USD below the $465.00 support. The pair extended declines and traded below the $460.00 support. However, the $450.00 zone acted as a strong support, resulting in a decent recovery.
Looking at the 2-hour chart of ETH/USD, there was a bearish break below the $465.00 support and a connecting bullish trendline. The pair declined further, traded close to the last swing low, and formed a low at $452.82.
Ether buyers defended losses below $450.00-452.00, resulting in an upward move above $460.00. However, the current recovery may well face sellers near the $475.00 resistance and a crucial bearish trendline on the same chart.
Only a successful 2-hour close above $475.00 and $480.00 could initiate more gains. If not, there is a risk of a break below the $450.00 support zone.
Moving down to the 30-minute chart of ETH/USD, there was a break above a descending channel with resistance near $465.00. The pair also climbed above the 50 percent Fibonacci retracement level of the drop from the $479.05 high to the $452.82 low.
Signs are positive, but Ether is facing many hurdles near $475.00 and $480.00. Should there be a fresh dip, the price might find support at $465.00, $460.00, and $452.00. In the short term, there could be range moves between $450.00-475.00 before the next move.
