Technically, the 6-hour chart indicators are again heading higher in the bullish territory.
Ether Price Trades With Positive Inclination
There was an increase in the bearish pressure on the US Dollar, which helped many cryptocurrencies like Ether, Bitcoin and others to gain momentum. ETH/USD made a nice upside move and cleared many hurdles on the way up.
We followed an important range pattern in Ether price with resistance at $12.80 against the US Dollar. During the recent upside drift, the price was able to clear the mentioned range resistance.
More importantly, there was a close above a crucial bearish trend line at $12.70 on the 2-hour chart. It kind of opened the doors for further gains and made the buyers’ job easy in pushing the price above $12.80.
There was even a break above $13.00, which was critical, and suggests that the recent break might not be a false move. A new weekly high at $13.20 was formed before the ETH/USD pair faced offers.
A correction is underway at the moment, and the 23.6% Fibonacci retracement level of the last wave from the $12.91 low to $13.20 high was already tested. There is a chance of an extension towards the 38.2% Fibonacci retracement level of the same wave.
The broken resistance at $12.80 might now act as a support and can be considered as a buy zone in the short term. When we look at the 6-hour chart of ETH/USD, there was a clear upside break above a bearish trend line at $12.75.
Overall, the recent break looks convincing, and points towards a positive direction. Going forward, as long as the price stays above $12.80, there is a chance of a move towards the Feb 14th high of $13.38.