Technically, the hourly chart indicators are slowly moving higher in bullish territory.
Ether Price Looks To Climb Higher
There was a decent bullish bias forming during the past few hours as ETH/USD succeeded in avoiding further declines and recovered toward the $1,050.00 level.
ETH/BTC is still in a positive zone and is currently trading near 0.0950BTC. It could continue to move higher toward the all-important 0.1000BTC resistance.
In yesterday’s analysis, we reviewed how Ether’s price is preparing for the next move either above $1,080.00 or below $980.00. The price is still trading in a range pattern and is holding a positive bias above the $1,000.00 support.
ETH/USD moved slowly higher and traded toward the $1,050.00 level. The 6-hour chart also suggests that the pair is approaching a crucial break. There are two connecting bearish trendlines to the topside with resistance at $1,075.00.
On the downside, there is a bullish trendline forming with support at $1,000.00. Today’s session should provide some clarity on the price’s direction, whether it approaches the next break above $1,075.00 or below $1,000.00.
The range is contracting and it would slowly open the doors for the next important break. A successful close above $1,075.00 and break of the $1,100.00 pivot level could ignite further upsides in the near term.
Moving down to the 30-minute chart of ETH/USD, the pair is attempting to surpass two bearish trendlines at $1,060.00. Should Ether’s price move past $1,060.00, it may continue to move higher.
To sum up, there are numerous positive indicators on both 30-minute and 6-hour charts, which suggests further gains in ETH/USD above $1,060.00.