Technically, the 2-hour chart indicators just moved into the bullish territory.
Can ETH/USD Push Through?
Yesterday, we discussed an upside break in ETH/USD above the $380.00 resistance level. Later, the pair traded higher and succeeded in moving above the $400.00 handle.
On the contrary, there was no major upward movement in ETH/BTC, as the pair failed to gain pace above the 0.0550BTC pivot level. It may correct a few points in the near term toward the 0.0520BTC support.
Starting with the 30-minute chart of ETH/USD, there are many bullish signs above the $390.00 level. The pair recently broke the $400.00 resistance and traded as high as $407.17 before facing a short-term resistance.
It seems like there is an ascending channel forming with support at $400.00 and resistance near $407.00-408.00. Below $400.00, there is another key support at $390.00.
Should the price start a downward correction, the $400.00 and $390.00 support levels will most likely protect declines. Below $390.00, the price could retest $380.00.
Moving up to the 2-hour chart of ETH/USD, the pair seems to be preparing for further gains toward the $420.00 resistance. Overall, there is an important range formed with support at $365.00 and resistance near $420.00.
The $365.00-420.00 range could play a significant role in the near term. The next break, either above $420.00 or below $365.00, could set the tone for a larger wave.
The current price action is positive and it seems like Ether may continue to trade in a range before making an attempt to breach the $420.00 resistance.