Technically, the 6-hour chart indicators are moving higher in the bullish territory.
ETH/USD Preparing for Next Move
Yesterday, we discussed how ETH/USD’s technical structure is indicating limited chances of a decline below $695.00. The pair traded in a range above the $700.00 support with few bearish moves.
Similarly, there were ranging moves in ETH/BTC above the 0.0820BTC support. The pair will most likely climb higher toward the next resistance at 0.0850BTC.
Looking at the 6-hour chart of ETH/USD, the pair was rejected from a crucial support area near $640.00. It bounced back sharply and moved above the 38.2 percent Fibonacci retracement level of the last slide from the $833.91 high to $638.62 low.
However, the price is facing a significant resistance near $740.00 and a bearish trendline on the same chart. It seems like Ether’s price is struggling to settle above the 50 percent Fibonacci retracement level of the last slide near $736.00.
Therefore, a successful close above $736.00-740.00 will most likely clear the path for Ether buyers to gain momentum. The next barriers for more gains are at $760.00 and $790.00.
Dropping down to the 2-hour chart of ETH/USD, there is a breakout pattern in place with support at $710.00 and resistance near $740.00. A bearish reaction below $710.00 may well push the price into a short-term downtrend toward $700.00 and $695.00.
To sum up, Ether’s near-term picture is bullish, according to technical readings in the 2-hour chart, as ETH/USD prepares to make the next move.