Technically, the daily chart indicators have started an upside move in the bullish territory.
Can ETH/USD Continue to Move Higher?
There was a sharp decline in ETH/USD this past week as the pair moved below the $1,000.00 support level. However, the downside move found support near the crucial $750.00 mark and recovered nicely.
On the flip side, ETH/BTC remained in the bullish zone and traded toward the 0.1000BTC. Later, the pair started a downside correction and is currently trading below the 0.0900BTC support. The next supports on the downside are 0.0850BTC and 0.0800BTC.
Starting with the daily chart of ETH/USD, we can see how the pair managed correct from the $750.00 support region. There are two crucial bullish trendlines forming with support at $750.00 and $820.00 on the same chart.
It seems like there is a decent support base forming around $800.00. As long as there is no upcoming daily close below the mentioned $800.00 support, Ether’s price remains in a bullish trend in the medium term.
The current price action is bullish with a green daily candle above $1,000.00. Therefore, the pair will most likely continue to move higher toward $1,200.00 and $1,250.00.
Moving down to the 2-hour chart of ETH/USD, there was a break above a contracting triangle resistance at $1,080.00. The stated $1,080.00 level is currently acting as a support. Below $1,080.00, the triangle support trend line is at $1,050.00 to act as a buy zone.
Overall, the medium term bias is bullish with supports at $1,000.00, $820.00 and $750.00. To the topside, the price could trade past $1,200.00 for further gains in the coming days.