Technically, the 12-hour chart indicators are rising higher in the bullish territory.
ETH/USD to Continue Higher
It was a great week for Ethereum supporters as Ether’s price broke the $1,000.00 level for the first time and is currently placed well above the mentioned level.
More importantly, there was a recovery initiated in ETH/BTC. The pair moved higher and broke an important resistance at 0.0600BTC. The next key resistance on the upside sits at 0.0750BTC.
Starting with the 12-hour chart of ETH/USD, there are many bullish signs above the $800.00 level. The pair broke a major resistance zone at $850.00-900.00, which cleared all hurdles for a move above $1,000.00.
The pair recently traded to a new all-time above $1,050.00 and it seems like the current upside move is far from over. The broken resistance zone near $850.00-900.00 will most likely act as a support in the near term.
Moreover, there is a key bullish trendline forming on the same chart with support at $900.00. It seems like the current upside wave could extend beyond $1,050.00 toward the $1,100.00 level.
Moving down to the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $1,000.00 and resistance near $1,080.00. Below the channel support, there is a bullish trendline with support at $940.00.
The current technical bias is positive for Ether and the price will most likely continue moving higher toward the $1,100.00 level. Should there be a short-term correction, the $1,000.00 and $900.00 support levels should prevent declines.
The overall short-to-medium term bias remains bullish above $900.00. More upsides are likely in ETH/USD since the technical indicators are aligned nicely in the positive territory.