Technically, the daily chart indicators are grinding higher in the bullish territory.
ETH/USD Bullish Above $600
This past week, ETH/USD traded to a new monthly high at $711.49 before correcting lower. However, losses were limited and Ether’s price found support at $592.86 for a fresh upward wave.
ETH/BTC traded in a positive zone with a daily close above 0.0700BTC. The pair is gaining bullish momentum and it could continue to move higher toward 0.0800BTC during the following days.
Let’s start with the daily chart of ETH/USD, which indicates a solid uptrend from the $359.33 low. The pair slowly and steadily traded higher and broke many hurdles, such as $400.00, $500.00, and $600.00.
There was a daily close above $600.00, clearing the path for further gains. The price traded to a new monthly high at $711.49 before it corrected lower. However, declines were protected by a significant bullish trendline with current support at $635.00 on the same chart.
Ether is currently positioned nicely in a bullish zone above $650.00 and it is poised to extend gains. To the topside, a successful break above $711.49 could set the tone for a push toward the next major resistance at $800.00.
The 2-hour chart of ETH/USD indicates that the pair is preparing for an upward wave above $700.00. It recently broke a connecting bearish trendline at $675.00, opening the doors for a break above $700.00.
On the downside, there is a key bullish trendline with support at $670.00. More importantly, there is a horizontal support and buy zone near $640.00, followed by the daily chart’s bullish trendline at $635.00.
To sum up, there are many bullish signs on the daily chart, suggesting more upsides in Ether during the coming days.