Technically, the 2-hour chart indicators are moving higher in the bullish territory.
ETH/USD to Break $1,300?
After a major downside correction, ETH/USD found support just below the $1,100.00 level. The pair traded as low as $1,087.80 before starting a fresh upside wave.
ETH/BTC also completed a short-term correction and is currently trading above 0.0900BTC. It could continue to rise toward the significant 0.1000BTC resistance.
Looking at the 2-hour chart of ETH/USD, there is a key bottom in place at $1,087.80. The pair started an upside move and traded above the 23.6 percent Fibonacci retracement level of the last drop from the $1,383.50 high to $1,087.80 low.
The upside move was strong as the pair was able to surpass the $1,200.00 level. At the moment, it is attempting to settle above a major bearish trendline with resistance at $1,220.00.
Should there be a 2-hour close above $1,220.00, Ether’s price could accelerate toward $1,300.00. An intermediate resistance is around $1,240.00 and the 50 percent Fibonacci retracement level of the last drop from the $1,383.50 high to $1,087.80 low.
Above $1,300.00, the price will most likely accelerate toward the last swing high of $1,383.50. Moving down to the 30-minute chart of ETH/USD, the pair recently broke a short-term bearish trendline at $1,210.00.
On the downside, there is a connecting bullish trendline with support at $1,210.00 on the same chart. Below $1,210.00, the price could struggle to remain in the positive zone. A successful break of $1,210.00 would push Ether back toward $1,140.00.