Technically, the 4-hour chart indicators are showing a lot of positive signs in the bullish territory.
ETH/USD’s Dips Remain Supported
It’s turning out to be a great year for Ethereum and ETH/USD is in a major uptrend. The pair recently broke the $1,350.00 level and traded to a new all-time high at $1,383.50.
Similarly, there was a nice recovery in ETH/BTC during the past few sessions. The pair recently traded above 0.0950BTC and it seems like it could head toward the 0.1000BTC level.
Looking at the 4-hour chart of ETH/USD, there is a solid uptrend forming with many bullish candles. The recent high was $1,383.50, at which point a minor downside correction was initiated.
On the downside, there is a major support at $1,210.00, which was previously a resistance. Below the mentioned $1,210.00, there are two crucial bullish trendlines with support at $1,180.00 and $1,050.00. As long as Ether’s price is above the mentioned trendlines and supports, it should continue to move higher.
A close above the $1,383.50 high could push the price above $1,400.00 or even $1,450.00. When moving on to the hourly chart of ETH/USD, there is an expanding triangle forming with support at $1,210.00 and resistance at $1,450.00.
The pair is currently correcting lower, but downsides remain limited. An initial support is found around $1,280.00 followed by $1,250.00.
The overall trend is positive and if Ether’s price remains above $1,210.00, there is a scope to test the $1,383.50 high during the upcoming sessions. Above that, ETH/USD could target the $1,450.00 area, which is a major resistance.