Technically, the 6-hour chart indicators are struggling to move back in the bullish territory.
Can ETH/USD Gain Momentum?
The past three sessions were mostly quiet with ranging moves in ETH/USD. The pair retested the $675.00-670.00 support region before correcting higher.
On the other hand, ETH/BTC extended gains and spiked above the 0.0820BTC resistance. The pair is currently consolidating around 0.0840BTC.
Starting with the 6-hour chart of ETH/USD, the pair formed a pattern with rejections near $770.00, $760.00, $740.00, and $720.00. To the topside, there is a major bearish trendline in place with current resistance at $725.00.
A successful close above the trendline will most likely clear the path for Ether buyers to take control. The next key hurdle sits around $740.00, above which, the price could accelerate past $750.00 toward $770.00.
On the downside, there is a short-term connecting bullish trendline forming with support at $692.00 on the same chart. Should the price decline below this, there may well be a pullback toward the $650.00 support area.
Moving down to the 2-hour chart, ETH/USD seems to be trading in a range with support at $676.00 and resistance near $740.00. The price is lacking directional strength, suggesting more ranging moves in the short term.
Lower timeframe charts show that Ether’s price is slowly advancing with a bullish angle, although 2-hour chart technical indicators lack upward momentum. An immediate resistance is at $712.00, followed by the $725.00 barrier.
On the flip side, a break below $692.00 (trendline support) would aim for $676.00 (range support) and finally $650.00.