Yesterday, we discussed a few key support levels near $456.00 and $452.00. ETH/USD was well-bid and the pair traded above the $460.00 and $465.00 resistance levels to move into a positive zone.
ETH/BTC was confined in a range above the 0.0570BTC level. It seems like there is a contracting triangle forming and the pair is likely to make an upward move as long as the 0.0555BTC level is intact.
Starting with the 6-hour chart of ETH/USD, the pair formed higher lows at $418.00, $440.00, $452.00, and $456.00. More importantly, the pair is following a crucial bullish trendline with current support at $456.00.
These are bullish signs and indicate that Ether’s price is forming a bullish pattern and could make an upward move above the $475.00 and $485.00 resistance levels. Above the latter, the price will most likely move past $500.00 to retest the last swing high at $515.09.
Should there be a downward move, however, the price must stay above the last low at $456.00 and the bullish trendline. If not, there is a risk of a sharp bearish reaction.
Dropping down to the 30-minute chart of ETH/USD, the pair jumped above the $465.00 resistance and a connecting bearish trendline at $467.00 to trim yesterday’s losses.
It is currently correcting lower, but dips remain supported near the $465.00 level, below which the price may well test the $460.00 level. On the flip side, the $475.00 region now seems to have emerged as an immediate barrier followed by the all-important $485.00 mark.