Technically, the 6-hour chart indicators are not willing to give up extreme conditions in the bullish territory.
Ether Price Opens Green
The buying pressure around Ether stays unabated at the start of the week against the US Dollar and Bitcoin. Both pairs gained more than 10% during the past 2-3 sessions, and looking to extend it further.
The ETH/USD pair gained heavy bids and moved above the last swing high at $71.61 to trade above $80.00. Earlier, there was a minor correction towards the 23.6% Fibonacci retracement level of the last wave from the $60.45 low to $71.61 high.
Later, the pair formed support and jumped above the $71.61 swing high to complete consolidation, and moved above yet another milestone level at $80.00.
A new, market average, all-time high was formed at $82.82. At the moment, the price is once again correcting lower or we can say consolidating gains.
There is a bullish trend line on the hourly chart at $80.50, acting as a support. Moreover, there is a major pivot formed at $78.00, which can be considered as a key support if the price moves down in the near term.
The $78.00 support also coincides with the 23.6% Fibonacci retracement level of the last wave from the $72.00 low to $82.80 high.
When we look at the 6-hour chart of ETH/USD, there is a clear monster bullish trend visible with many back to back bullish candles. There is a crucial support formed around a bullish trend line at $72.00. It can be measured as a major pivot for the current trend.
Overall, Ether price looks irresistible at the moment and may continue to rise in the near term.