Technically, the 6-hour chart indicators are positioned nicely in the bullish territory.
Will ETH/USD Continue Its Upward Move?
Recently, there was a minor descending correction in ETH/USD from the $537.51 high. The pair traded lower and tested the $500.00 region, which acted as a decent support.
ETH/BTC remained confined in a slim range above the 0.0620BTC support. The technical structure suggests that the pair could be preparing for a significant move either toward 0.0700BTC or below 0.0600BTC.
Starting with the 6-hour chart of ETH/USD, there is a solid uptrend in place from the $360.00 swing low. The pair traded above the $500.00 level but struggled to gain momentum above $530.00. As a result, a downward correction was initiated with consolidation moves above $500.00.
The pair is currently following a key bullish trendline with support near $505.00. As long as Ether’s price stays above this level, it could continue to climb with range moves.
Should there be a bearish break below $505.00, the price may test the next important bullish trendline with support at $460.00 on the same chart.
Moving down to the 2-hour chart of ETH/USD, the pair is following an ascending channel with support at $505.00. It will most likely grind higher toward the $530.00 and $537.00 resistance levels. However, a successful close above the last high at $537.51 is required for a push toward $550.00.
On the other hand, the 2-hour chart also suggests that a close below $505.00 could increase selling pressure on Ether in the short term. Overall, Ether has been trading in the green on a daily basis with little bullish strength, despite being confined to its latest range.