Technically, the 12-hour chart indicators are extending moves in the bullish territory.
Ether Price Upside Surge Continues
It looks like Ether price bullish trend is here to stay for a long time, more than expected. There were continuing gains in ETH/USD, as the pair formed yet another new all-time high above $28.00.
The pair broke the $25.00 handle with ease and surged higher. More importantly, there was a break above an ascending channel pattern on the 2-hour chart. It was a clear break, pushing the price above all barriers and resistances.
A new high was formed near $28.07 before the price started correcting lower. However, I would not call these moves as a correction, they are more of a short-term pullback before the price moves higher one more time.
On the downside, there is a major bullish trend line formed on the 2-hour chart of ETH/USD.
It found support near the 38.2% Fibonacci retracement level of the last wave from the $21.80 low to $28.07 high. If the current wave count is complete, there is a chance of ETH/USD moving back higher, and breaking the last high of $28.07.
There is even a possibility of Ether price attempting a move towards the next major $30 handle. It may act as a major resistance in the short term, and then a substantial correction is likely.
The 12-hour chart of ETH/USD clearly highlights a monster bullish trend. There were a few important breaks above $20 and $22.5, opening the doors for further gains.
Moving ahead, the same levels might now act as a support and can be considered as a buy zone.