Technically, the 30-minute chart indicators are stable in the bullish territory.
Ether's Price Remains Supported
After completing a short-term downtrend, ETH/USD started an ascending wave from the $1,020.73 low. The pair moved above the $1,050.00 and $1,060.00 resistance levels.
More importantly, there were sharp gains in ETH/BTC as the pair surged toward the 0.1200BTC level. Bitcoin and other major altcoins were pressured recently, but Ether held the bullish ground and moved higher.
Looking at the 2-hour chart of ETH/USD, we see the fresh start of an upward move from the $1,020.73 low. The pair traded above a key bearish trendline with resistance at $1,060.00.
The upside move was positive since there was a break above the $1,050.00 and $1,060.00 resistance levels. Furthermore, Ether’s price moved above the 50 percent Fibonacci retracement level of the last drop from the $1,238.92 high to $1,020.73 low.
The doors were opened for more gains and the pair traded toward $1,150.00 where it faced resistance. Looking at the 30-minute chart of ETH/USD, the pair corrected from the $1,151.90 high, but it was able to hold the $1,075.00 support.
The price is currently moving around $1,080.00-1,100.00 and is trading in a positive zone. It seems like Ether is forming a base above the $1,050.00 support and it could make another attempt to climb during the coming sessions.
Should there be a correction, the $1,075.00 and $1,050.00 support levels are likely to act as a strong barrier to more losses. A push above the $1,150.00 resistance is needed for further gains.