Technically, the 2-hour chart indicators are moving higher toward the overbought levels.
ETH/USD Resumes Uptrend
There was a sharp upward move in ETH/USD above the $680.00 resistance level. The pair gained traction and succeeded in surpassing the $700.00 and $725.00 hurdles.
More importantly, there were further gains in ETH/BTC. The pair broke the 0.0750BTC and 0.0790BTC resistance levels, and it seems like the pair may continue to move higher.
Looking at the 2-hour chart of ETH/USD, the pair made a nice advance from the $675.00 swing low. Ether buyers took control, resulting in a break above the crucial barrier at $725.00.
The next resistance awaits at $760.00, followed by $770.00. However, the most important barrier for the current medium-term bullish trend is at $800.00. The prevailing price action indicates that the pair is less likely to correct lower before testing $760.00.
On the downside, there is a significant bullish trendline with support at $700.00. Moreover, the previous resistance at $690.00 could act as a strong support. Moving down to the 30-minute chart, there are many bullish signs above $700.00.
There is also a key bullish trendline forming with support at $720.00 along with a horizontal support at $725.00. Should the price correct lower from the current levels, it will most likely find bids near $725.00 and $720.00.
Overall, Ether is gaining bullish momentum and it will most likely accelerate higher above the $750.00 and $760.00 levels in the near term.