Technically, the hourly chart indicators moved back in the bullish territory.
ETH/USD is Showing Positive Signs
After yesterday's decline, ETH/USD found support near $640.00 that provided the much needed foundation for a recovery back above $700.00.
There were additional recoveries in ETH/BTC, as the pair currently trades above the 0.078BTC resistance. If this current trend continues, we may see a test of the next resistance at 0.080BTC.
Starting with the 4-hour chart of ETH/USD, there was a crucial base that formed at $642.35. The pair entered a bullish pattern, then pushed for an upward move above $680.00.
The upward move was strong as the price formed four back-to-back bullish candles. There was also a break above the 23.6 percent Fibonacci retracement level of the last decline from the $894.91 high to $642.35 low.
The price is currently facing a major bearish trendline with resistance near $745.00-750.00. A successful close above the trendline resistance at $750.00 would solidify a bullish reversal from the $642.35 low.
Above $750.00, the 50 percent Fibonacci retracement level of the last decline from the $894.91 high to $642.35 low awaits around $765.00 to prevent upsides. Further above $765.00, the $800.00 pivot level may act as a hurdle.
The hourly chart of ETH/USD suggests a break above two bearish trendlines with resistance at $700.00 and $720.00. These are positive signals, as the pair currently trades above $700.00.
The broken resistances at $720.00 and $700.00 may perhaps prevent downsides in the short term. The current bias is positive as long as Ether stays above the $700.00 support.