Technically, the 12-hour chart indicators are slowly moving higher in the bearish territory toward the midlines.
Will Ether's Price Gain Upside Traction?
There were mostly ranging moves in ETH/USD above the $1,000.00 level during the past two sessions. The pair is trading with a positive bias and it seems to be preparing for further gains.
ETH/BTC is also positioned nicely in the bullish zone above the 0.0900BTC level. The pair could soon attempt an upside break above the all-important 0.1000BTC resistance.
Starting with the 12-hour chart of ETH/USD, the last major drop was protected by a crucial support area near $750.00. The pair recovered nicely and moved back above the $1,000.00 level.
More importantly, there was no close below a connecting bullish trendline with current support at $860.00. An intermediate support sits at $950.00. The last four candles are showing positive signs and it seems like the pair may continue to move higher.
Moving on to the 2-hour chart of ETH/USD, the pair is trading above a major bearish trendline with resistance at $1,020.00. An immediate resistance on the upside is at $1,100.00. Should there be a break and 2-hour close above $1,100.00, there could be a push toward the $1,200.00 resistance.
On the downside, an initial support is at $1,000.00. Below $1,000.00, the 12-hour chart bullish trendline with support at $860.00 may perhaps be tested.
The current price action is positive as long as Ether’s price is above $1,000.00. To the topside, a test of $1,200.00 is possible in the near term.