Technically, the 2-hour chart indicators are gaining upside momentum into bullish territory.
Ether Price to break $1200?
The past three sessions were bullish as ETH/USD traded above a couple of important resistance levels - $1,075.00 and $1,100.00. The pair is now back in an uptrend and it could continue to move higher toward $1,200.00.
Similarly, ETH/BTC is showing a lot of bullish signs with a daily close above 0.0900BTC. The pair is likely to accelerate higher toward the 0.1000BTC resistance, which has been a major barrier for Ether buyers.
Starting with the 12-hour chart of ETH/USD, there was a decent support formation above $850.00. The pair started an upside move and it was able to surpass a key bearish trendline with resistance at $1,025.00.
Buyers also succeeded in pushing Ether’s price above the 23.6 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.72 low. As a result, there was an increase in the bullish sentiment and the price broke an important resistance at $1,075.00 and $1,100.00.
More importantly, the price moved above the 50 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.72 low, which suggests that Ether could continue to move higher.
On the upside, the next major resistance is around $1,190.00-1,200.00. Above $1,200.00, the price possibly will accelerate toward the last swing high near $1,400.00.
Moving down to the 2-hour chart of ETH/USD, the pair broke a significant hurdle around $1,075.00 and $1,100.00. There is a bullish trendline forming with support at $1,110.00. If the price corrects lower from the current levels, it will most likely find buyers near $1,110.00, $1,100.00 and $1,070.00.
The medium-term bias is bullish and ETH/USD may perhaps continue to move higher toward $1,200.00 and $1,400.00 in the near term.