Technically, the 4-hour chart indicators are slowly moving higher in the bullish territory.
ETH/USD Making Gains
The past two days were mostly bullish as ETH/USD started a fresh upside move after completing a much needed downside correction at $1,087.80.
More importantly, there was a decent upside move in ETH/BTC as the pair was able to break the 0.0900BTC level. The next major upside hurdle for the pair sits at 0.1000BTC.
Starting with the 4-hour chart of ETH/USD, there is a clear uptrend in place above the $1,000.00 handle. The pair is currently moving higher toward the last top at $1,383.50.
On the downside, there are two major bearish trendlines forming with support at $1,180.00. As long as the pair remains above these trendlines with no 4-hour close below $1,180.00, there could be more gains in the near term.
On the upside, an initial resistance rests at $1,300.00 followed by $1,320.00. Above the mentioned $1,320.00, Ether’s price will most likely accelerate toward the last high at $1,383.50.
Moving on to the hourly chart of ETH/USD, the pair recently broke a key bearish trendline with resistance at $1,210.00. It has cleared the path for more upsides toward the $1,300.00 mark in the near term. If conditions change, a bullish trendline with support at $1,250.00 will await.
However, the most important short-term support is at $1,220.00. Going forward, the pair is less likely to correct substantially before a break above $1,300.00.
The overall bias is bullish, and both ETH/USD and ETH/BTC remains well supported on the downside.