Technically, the hourly indicators are correcting from the overbought levels, but remain in the bullish territory.
Ether Price Bullish Trend
In the weekly analysis, we examined bullish moves in Ether price against the US Dollar. There were continuous gains in ETH/USD, as the pair started the week higher and moved past $14.00.
Ether eclipsed the $14.30 mark (21st September 2016 high), pushing the price to a new 2017 high at $14.63. The move itself suggests that the price is in a bullish trend, and may continue to gain momentum.
The momentum was such that Ether price also managed to outpace Bitcoin. The ETH/BTC pair climbed back above 0.0122BTC, and was seen trading higher.
Looking at the daily chart of ETH/USD, there is a clear break of a couple of crucial resistance points near $13.80 and $14.30. The last two candles suggests that the upside is not over yet, and the pair might accelerate further above $14.63.
On the downside, there are a few bullish trend lines, which could provide support if the pair corrects lower. Let us drop down to the hourly chart of ETH/USD to analyze the current move.
The recent high at $14.63 is producing a short-term correction in ETH/USD. There is a possibility that the pair may correct towards $14.00, representing the 23.6% Fibonacci retracement level of the last wave from the $12.80 low to $14.63.
There is also a connecting bullish trend line positioning around $14.00 and $13.90. So, it looks like any major setbacks near the trend line or $14.00 might find support.
On the upside, a break above $14.60 could set the mood for a move towards $15.00.