Technically, the 2-hour chart Momentum indicator is entering bullish territory with positive bias.
Ether Price Completes a Correction Wave
In the last weekly analysis, I highlighted how Ether price may have started a correction against the US Dollar. Now, it looks like the price completed correction, and resumed its upside move.
The ETH/USD pair was seen trading higher, as there was a move past the $10.20 resistance. ETH to BTC was also seen gaining pace, as the pair broke the 0.0110BTC resistance for a move towards 0.0120BTC.
Overall, the trend is currently positive for the Ether, and may continue to remain bullish in the short term. The best part was a break above yesterday’s highlighted pennant pattern formed on the 2-hour chart of ETH/USD.
The pair broke the pattern resistance along with the 38.2% Fibonacci retracement level of the last drop from the $11.87 high to $9.08 low. This means the price may have completed a correction wave, and could head towards $11.00 once again.
The recent upside move in ETH/USD is facing resistance near $10.80. The stated level also coincides with the 61.8% Fibonacci retracement level of the last drop from the $11.87 high to $9.08 low.
The 30-min chart suggests that the price followed an ascending channel during the past few hours, and recently broke its resistance. All these are positive signs, and means Ether price is entering bullish territory.
In my view, as long as the price is above the $10.00 support area, it remains well-bid.