A sharp decline in Bitcoin, Ethereum, Ripple and other altcoins was noticeable yesterdayETH even broke the support level of $550 and settled far below the average of 100 hourly. It opened the doors for more downsides and the price even spiked below $500. Ether finally found support close to the level of $480. The bears attempted to clear up the support for $480 but struggled. The price began a decent recovery wave above the $500 level.
A break over the resistance of 510 dollars was found. Ether even climbed above the recent decrease from $623 to $478. Upside, a major hurdle forms about the $550 level and the 100 hourly simple moving average. In the ETH/USD hourly chart also there is a short term contracting triangle with resistance of almost $528. The price might test the $550 barrier if there is an upside break above the triangle resistance. The recent decline from the $623 swing high to a $478 low is also close to the 50 percent Fib retracement level. To move back into a positive zone, the price must clear the $550 resistance and settle above the 100 hourly SMA.
When Ethereum does not recover over the resistor of triangles or $550, a new decline could occur. The first support is almost 510 dollars and the triangle is lower. The price could fall below $500 in a downside break of the triangle support. The key support is close to 480 dollars, which could lead to a decline of 450 dollars.