Technically, the 2-hour chart indicators are gaining momentum in the bullish territory.
Ether's Price is Back in the Bullish Zone
The past few sessions were quite bullish as ETH/USD rallied and broke two important resistances – $750.00 and $800.00. The pair is currently positioned nicely above $800.00 and is eyeing further gains.
There was no major move in ETH/BTC since bitcoin price also surged higher against the US dollar. However, the pair remains positive above the 0.1000BTC support.
Starting with the 2-hour chart of ETH/USD, there were solid bullish candles formed between $600.00 and $700.00. It resulted in an upward push and the pair broke a major bearish trendline at $800.00.
The move was strong since Ether’s price traded above the 38.2 percent Fibonacci retracement level of the last major drop from the $1,151.90 high to $564.11 low. It seems like the recent break above $800.00 has opened the doors for further gains toward $900.00 or even $1,000.00.
An immediate resistance is the 50 percent Fibonacci retracement level of the last major drop from the $1,151.90 high to $564.11 low around $860.00. Above $860.00, the price will most likely move past the $900.00 level.
Dropping down to the 30-minute chart of ETH/USD, there is a bullish trendline forming with support at $800.00. The mentioned $800.00 level prevented gains earlier but is now a key support. Below $800.00, the next major support is at $750.00.
Overall, the current price action is bullish. Should there be a short-term correction, ETH/USD could find strong supports near $800.00 and $750.00. A push above $860.00 is needed for further gains.