Technically, the 2-hour chart indicators moved back sharply into the bullish territory.
Can ETH/USD Break Through This Time?
Yesterday, we witnessed a sharp bearish wave in ETH/USD below the $650.00 support level. However, the pair found a strong buying interest near $640.00 and recovered positively.
The market sentiment for ETH/BTC also improved and the pair moved above 0.0730BTC. It is currently gaining traction and moving toward the next resistance at 0.0750BTC.
Looking at the 30-minute chart of ETH/USD, the pair traded with a lot of strength and broke the $650.00 and $675.00 resistance levels. It traded to a new weekly high at $685.14 before starting a downward correction.
It is currently correcting lower and broke a connecting bullish trendline with support at $680.00. Should there be further declines, Ether could test the next bullish trendline with support at $655.00 on the same chart.
The current price action is bullish and it seems like Ether is preparing for further gains above $685.00. However, buyers are facing a tough challenge near an important bearish trendline with resistance at $680.00 on the 2-hour chart.
The last two candles are indicating indecision around $680.00. Once there is a successful 2-hour close above this level, the price will most likely accelerate past the $690.00, $695.00, and $700.00 hurdles.
Gains beyond $700.00 would favor a firmer uptrend and may be enough to confirm that a bottom has already taken place at $628.75.
On the flip side, a failure to settle above the $680.00 resistance could push the price toward the $660.00 and $655.00 support levels.