Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
ETH/USD Holding Key Supports
In the weekly analysis, we discussed ranging moves in ETH/USD above $640.00. The pair gained bullish momentum and traded above $700.00 and $720.00 before facing hurdles near $740.00.
More importantly, there were decent gains in ETH/BTC above 0.0800BTC. The pair jumped higher and broke the 0.0820BTC resistance, making further growth possible.
Starting with the 30-minute chart of ETH/USD, the pair gained bullish traction and traded above $700.00. It even broke the $720.00 resistance, but then faced a strong hurdle near $740.00.
Ether buyers made more than two attempts to break the $740.00 barrier but they failed. As a result, there was a downward reaction and the pair broke a bullish trendline with support at $720.00. Ether’s price extended declines and, after a short-term correction, it traded below an ascending channel with support at $703.00.
However, ETH/USD tested a crucial bullish trendline with support at $695.00 on the 2-hour chart. Should the trendline support succeed in preventing further declines, Ether could bounce back toward a bearish trendline with current resistance at $730.00.
ETH/USD’s 2-hour and 4-hour charts show that ETH/USD is bullishly holding above a 21 SMA, while technical structure indicates limited chances of a downward move, particularly if buyers defend the $695.00 support.
A successful close above the trendline could push the price toward the $740.00 resistance, above which, the price will most likely accelerate gains toward $760.00 and $780.00.