Technically, the 4-hour chart indicators are now retreating from the overbought territory.
Ether Price to Keep Rising
Ether’s winning streak continued during the past 24 hours, as it gained by more than 10% against the US Dollar. The ETH/USD pair was also able to surpass a monster hurdle at $30, setting yet another all-time high at $30.64.
The ETH/USD pair after trading as high as $30.64 started a correction, and moved below the $30 handle. However, it found support near a technical area at $26. There is a bullish trend line on the hourly chart positioned near the stated level.
Also, the $26 area coincided with the 38.2% Fib retracement level of the last wave from the $22.5 low to $30.64 high. It already bounced a couple of times from the trend line support, and it may continue to provide support.
If there is a break below the trend line support at $26.50, there can be a move towards the next bullish trend line positioned at $25.20. It is also just above the 50% Fib retracement level of the last wave from the $22.5 low to $30.64 high.
There is a minor toppish pattern formed near $30.50, which might provide a couple of correction waves. The 4-hour chart pattern also highlights the same.
There is a minor top pattern forming above $30, but there is also a bullish trend line positioned on the downside waiting to act as a barrier if the price moves down.
The price may continue to fluctuate, but remains supported for more gains as long as it is above $25.