Technically, the 6-hour chart indicators are slowly rising in the bullish territory.
ETH/USD Holding Key Supports
There were mostly ranging moves during the past three sessions in ETH/USD. The pair held important support levels around $650.00 and is currently heading north.
Similarly, ETH/BTC started consolidating gains after trading as high as 0.0734BTC. The pair remains well supported on the downside near the 0.0720BTC and 0.0700BTC levels.
Starting with the hourly chart of ETH/USD, the pair is in a three-wave pattern from $592.86. Yesterday, it traded as high as $685.71 before correcting lower. It tested a bullish trendline with support at $640.00 to complete the second wave.
It seems like there is a contracting triangle pattern forming with support at $645.00 and resistance at $690.00. The pair may perhaps continue to trade inside the triangle for the next few hours before the next move.
Should there be a sustained bullish break above $690.00, the price could surpass a key resistance at $700.00 to accelerate higher. On the flip side, if Ether sellers succeed in pushing the price below $645.00, there may well be a further decline toward $610.00.
However, there is a crucial bullish trendline with support at $630.00 on the 6-hour chart of ETH/USD to prevent losses. Therefore, the price is less likely to break the $645.00 and $630.00 support levels in the short term.
Overall, Ether is trading with a positive bias above $630.00. A bullish close above $690.00 would offset any downside risk and open the way to the psychological $700.00 barrier and $711.49 (a recent high).