Technically, the 2-hour chart indicators are slowly rising in the bullish territory.
ETH/USD Remains Supported above $700
In the weekly forecast, we discussed an important support near $640.00 in ETH/USD. The pair succeeded in holding this support and moved above the $700.00 level.
On the other hand, ETH/BTC failed to gain momentum and declined below 0.0750BTC. It seems like the pair may drop further toward the next support at 0.0720BTC.
Looking at the 30-minute chart of ETH/USD, the price action is bullish above $680.00. The pair settled above the $700.00 support and traded as high as $739.95. It is currently consolidating gains and is preparing for the next move.
On the downside, there is a key support forming near $710.00-725.00 and a bullish trendline on the same chart. The price may perhaps continue to hold the $700.00 support, which was a resistance earlier.
On the upside, a push above $740.00 would call for a test of the $770.00 resistance. Having said that, a successful close above $740.00 will most likely help buyers in clearing $770.00 for a test of $800.00.
Moving up to the 2-hour chart of ETH/USD, there was a break above two bearish trendlines with resistance near $710.00. This a positive sign and suggests that Ether’s price is now in a bullish zone above $700.00.
To sum up, the current price action calls for further gains in Ether as long as the price stays above the $700.00 support level.