Technically, the 2-hour chart indicators are back in the bullish territory.
ETH/USD Remains Supported
ETH/USD started a solid recovery from the $610.00 support and surpassed an important resistance at $650.00. It seems like the pair has completed a correction wave and is back in a bullish trend toward $700.00-710.00.
More importantly, there were further upsides in ETH/BTC. The pair broke the 0.0720BTC resistance level and it is likely heading toward the next hurdle at 0.0750BTC.
Looking at the 2-hour chart of ETH/USD, the pair consolidated around $610.00 for a few hours before starting a fresh upward wave. There was a sharp rise and the price cleared a major resistance at $650.00 and a significant bearish trendline at $655.00.
Additionally, the price climbed above the 61.8 percent Fibonacci retracement level of the last wave from the $711.49 high to $592.86 low. Ether buyers gained strength and the price traded as high as $685.71 recently.
The 30-minute chart of ETH/USD indicates that the pair found offers near $685.00 and is currently correcting lower. There is a key support at $665.00 and a bullish trendline on the same chart.
Should there be a decline below $665.00, the next support is sitting at $640.00, but Ether's current price action is bullish and indicating more gains toward $700.00 in the near term.
On the upside, an initial resistance sits at $685.00 seconded by $690.00 and then $700.00. A successful break above $700.00 may perhaps push the price to a new monthly high. Supports on the downside are at $665.00 and $640.00.