Technically, the 4-hour chart indicators are slowly moving higher toward their midlines.
Ether Price Trend
The past few sessions were bullish for ETH/USD as the pair moved above the $1,060.00 resistance and tested the next major resistance at $1,100.00.
ETH/BTC also gained upside momentum and traded above the 0.0930BTC level. It seems like the pair is slowly following a bullish path toward the 0.0950BTC level.
Starting with the hourly chart of ETH/USD, the pair broke the $1,000.00 resistance to initiate an uptrend. During the upside move, there was a break above a crucial resistance at $1,060.00. Buyers succeeded in pushing the price above the 61.8 percent Fibonacci retracement level of the last drop from the $1,164.63 high to $908.57 low.
However, the upside move was capped by the $1,100.00 resistance. Ether’s price traded as high as $1,101.89 before starting a downside correction.
It has moved below a connecting bullish trendline with support at $1,065.00 and traded below the 23.6 percent Fibonacci retracement level of the last upside wave from the $908.58 low to $1,101.89 high.
On the downside, there is a crucial support at $1,010.00, which was a resistance earlier. If the price moves down and corrects further, the $1,010.00 support and 50 percent Fibonacci retracement level of the last upside wave, from the $908.58 low to $1,101.89 high, are likely to stop further declines.
Moving up to the 4-hour chart of ETH/USD, there was an important upside break above a crucial bearish trendline at $1,010.00. This means Ether is trading in a positive zone, but it has to break $1,100.00 to maintain momentum.