Technically, the 12-hour chart indicators are indicating further gains and are placed in the bullish territory.
Ether Price Rise to Continue
It was a great week for Ether as ETH/USD traded above the $1,400.00 level after completing a short-term correction below the $1,100.00 level.
Furthermore, ETH/BTC also gained a lot of traction and was able to move above the 0.0950BTC level. The current momentum is positive and it seems like the pair could break higher past the 0.1000BTC resistance in the near term.
Looking at the 2-hour chart of ETH/USD, the pair recently traded at a new all-time high of $1,422.48. It recovered nicely from the $1,087.79 low and succeeded in trading above a major resistance at $1,220.00.
The price is well above the stated $1,220.00 level, which is now a key support. The pair is currently correcting lower and is testing a short-term connecting bullish trendline with support at $1,350.00. It seems like the pair could correct further toward the $1,300.00 level in the near term.
On the downside, the next major support is around the $1,220.00 level, which equates to approximately 50 percent Fibonacci retracement level of the last wave from the $1,087.79 low to $1,422.48 high.
Moving up to the 12-hour chart of ETH/USD, there is a key bullish trendline forming with support at $1,200.00. This range looks to be a strong support and buy zone above. As long as Ether’s price is above the $1,200.00 level, it remains in a major uptrend.
An initial resistance on the upside is at $1,380.00-1,400.00. To the topside, a break above the recent high of $1,422.48 could open the doors for further gains toward $1,500.00 during the coming days.