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Key Highlights

Ether’s price formed a high at $486.95 and is currently correcting lower against the US dollar.

Technically, the 2-hour chart indicators are correcting lower from the overbought zone.

Ether Price Analysis

Yesterday, there were further gains in ETH/USD above the $460.00 resistance. The pair even broke the $475.00 resistance and traded to a new monthly high at $486.95 before starting a downward correction.

On the other hand, ETH/BTC remained in a range and struggled to clear the 0.0720BTC resistance. On the downside, a key support sits at 0.0700BTC which must hold losses in the near term.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair traded toward the $490.00 resistance. However, it failed to hold gains and declined below an important channel support at $478.00.

It opened the doors for a downward correction and the price tested the 23.6 Fibonacci retracement level of the last wave from the $405.29 low to $486.95 high near $465.00. Any further declines could push the price toward the next supports at $460.00 and $452.00.

The 2-hour chart of ETH/USD indicates the significance of the $460.00 support (the previous resistance). There is also a connecting bullish trendline on the same chart with support at $465.00.

Ethereum price chart ETH

Therefore, a close below $460.00 may possibly extend the current correction toward $452.00. Finally, the most important support is at $440.00, below which, Ether’s price will most likely move back into a bearish zone.

Alternatively, should Ether bounce back from the $460.00 support, it may well revisit the $475.00 resistance. To the topside, the $485.00-490.00 resistance zone is crucial for more gains in the coming days.

Aayush Jindal

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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Ether’s price formed a high at $486.95 and is currently correcting lower against the US dollar.

Technically, the 2-hour chart indicators are correcting lower from the overbought […]

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