Technically, the 6-hour chart indicators are gaining momentum in the bullish territory.
ETH/USD Buyers Back in Control
There were further upsides in ETH/USD above the $750.00 resistance level. The pair traded above $770.00 and $800.00 to register more than 100 percent gains during the past five weeks, before dipping slightly.
Similarly, ETH/BTC extended gains above the 0.0800BTC level and may test the next resistance at 0.0845BTC in the near term.
Starting with the 6-hour chart of ETH/USD, there was a picture-perfect bullish break above a crucial triangle resistance at $695.00. The pair gained bullish momentum and traded above the 1.236 Fibonacci extension of the last slide from the $711.49 high to $592.86 low at $740.00.
It cleared the path for sharp gains, and the price traded above the $750.00, $760.00, and $770.00 resistance levels. The upside move was strong since Ether’s price even cleared the 1.618 Fibonacci extension of the last high-to-low slide to test the $800.00 barrier.
The 2-hour chart of ETH/USD indicates that there have been mostly bullish (green) candles lately. The pair traded as high as $804.45 and is currently consolidating gains. On the downside, there are two bullish trendlines with supports at $780.00 and $720.00.
Therefore, a short-term correction will most likely find support near $770.00 or $760.00 (previous resistance). To the topside, a daily close above $800.00 could put a lot of pressure on Ether sellers, and the price may accelerate toward $840.00.
Overall, the current price action is extremely bullish, but Ether may possibly correct $20.00 or $30.00 lower in the short term before resuming its uptrend.