Technically, the 6-hour chart indicators are climbing toward the midlines.
ETH/USD Could Test $600
The past two days were mostly positive as ETH/USD climbed above a couple of key resistance levels. The most recent resistance breach was at $550.00, which has cleared the path for further gains.
On the other hand, there was no major upward move in ETH/BTC but the pair is holding two important support levels: 0.0620BTC and 0.0600BTC.
Let’s start with the 6-hour chart of ETH/USD to understand why the recent upward move is encouraging. After the $454.86 low was formed, the next 6-hour candle overlapped the previous bearish candle. It set the pace for an upswing and the pair surpassed $500.00.
More importantly, the pair broke a crucial bearish trendline with resistance at $550.00. Additionally, the last few candles were positive and suggest a bullish bias from the $454.86 low.
The next hurdle for Ether buyers is near another bearish trendline with current resistance at $605.00. There is also a significant horizontal resistance at $610.00, which was once a support. Thus, the $600.00-610.00 region is a major resistance for the current wave.
Moving down to the 2-hour chart of ETH/USD, the pair broke a consolidation pattern with resistance at $555.00 and a bearish trendline at $545.00. These are positive signs, suggesting that Ether’s price may perhaps rise toward $600.00.
Should Ether correct lower, the $555.00-550.00 range will most likely act as a support. Below $550.00, the price could drop down to the next support at $515.00.