Technically, the 6-hour chart indicators are heading north above their mid-lines, suggesting a bullish bias.
Ether Price Correcting Lower?
Today, Ether price weakened a few points due to broad dollar’s strength and its failure to break the $52 and $53 resistance levels. The price was also seen correcting lower versus Bitcoin, as ETH/BTC moved down from 0.055BTC to 0.050BTC.
During early morning hours, the ETH/USD pair moved down after failing to clear the $52 resistance. It weakened and broke a bullish trend line with support at $51 on the 30-min chart.
Moreover, the pair also traded below the 23.6% Fibonacci retracement level of the last wave from the $48.90 low to $52.02 high. It means there is a chance that Ether price might test the 50% Fibonacci retracement level of the same wave at $50.
The recent break can be considered as a short-term pullback towards $50 or even $48. An intermediate support is at $49, which is also a daily pivot (as highlighted on the chart). On the upside, the pair is clearly facing strong offers near $52.
There are two trend lines meeting at $52, and acting as a strong hurdle for further upsides in ETH/USD. Looking at the 6-hour chart, the pair is clearly approaching a break.
On the upside, there is a rejection zone near $52-53, which is stopping Ether price from moving towards $60. However, if those levels are broken, it is extremely possible that ETH/USD would jump to the $60 mark.
At the same time, there is a crucial connecting bullish trend line with support at $48. So, if the price dips towards $49 or $48, it may find support for another push higher.