Technically, the 12-hour chart indicators are moving higher toward midlines in the bearish territory.
ETH/USD Could Retest $740
This past week, there were bearish moves in ETH/USD as the pair declined below the $690.00 support. It traded as low as $657.71 before starting an upward recovery.
On the flip side, ETH/BTC remained in a bullish zone above 0.0820BTC. There was a minor downward correction recently, but the pair bounced back and moved above the 0.0850BTC resistance zone. The next hurdles on the upside are 0.0880BTC and 0.0900BTC.
The 2-hour chart of ETH/USD indicates that the pair broke a key bearish trendline with resistance at $695.00. Ether buyers pushed the price above the 50 percent Fibonacci retracement level of the last drop from the $741.80 high to $657.71 low.
However, the upward move was capped by the $716.00-718.00 region, representing the previous swing high. The price traded lower and tested a major bullish trendline on the same chart with current support at $690.00.
The current price action on the 2-hour chart suggests that Ether is slowly gaining bullish momentum above $700.00. Should there be a break above $716.00-718.00, the price could retest the next major hurdle near $740.00.
Looking at the 12-hour chart of ETH/USD, the pair is currently attempting a close above a significant bearish trendline with resistance near $700.00. Therefore, a successful daily close above this may possibly kickstart a fresh uptrend toward $800.00 in the near term.
To the downside, an important bullish trendline with current support at $660.00 is in place to prevent declines. Below the trendline support, Ether’s price could accelerate losses toward the $600.00 support.