Technically, the 2-hour chart indicators remain elevated in the bullish territory.
ETH/USD Remains Above Key Support
In the weekly analysis, we discussed important resistances at $625.00 and $640.00. ETH/USD surged higher during the past three sessions and broke the stated resistances to trade at a new monthly high above $645.00.
More importantly, there was a bullish break in ETH/BTC, since the pair cleared a crucial resistance at 0.0700BTC. The pair is likely to extend gains toward the 0.0745BTC resistance level.
Looking at the 2-hour chart of ETH/USD, the pair is following a major uptrend from the $500.00 pivot region. During the current wave, Ether’s price surpassed the $600.00, $625.00, and $640.00 resistance levels.
The technical structure is also very positive, suggesting more gains in the near term toward $700.00. However, Ether buyers may face hurdles near the 50 percent Fibonacci retracement level of the last decline from the $981.64 high to $359.33 low at $670.00.
On the downside, there is a key bullish trendline formed with support at $630.00 on the same chart. An immediate support is at $640.00 (previous resistance), followed by a bullish trendline at $635.00 on the 30-minute chart.
Should ETH/USD correct below $635.00, it could test the next major support at $618.00-620.00. The current price action is bullish above $640.00 and the price will most likely accelerate gains above $650.00.
To sum up, Ether buyers seem to be in control. Therefore, given current moves, upside targets could be eyed at $670.00 and then $700.00.