Technically, the 2-hour chart indicators are placed in the bullish territory with neutral signs.
Ether Price Analysis
In the weekend analysis, we discussed about a possible daily close above $700.00 in ETH/USD. The pair did close above the stated pivot level, suggesting positive signs and more gains in the near term; but as of this morning it has dipped below the $700.00 resistance level.
On the other hand, ETH/BTC failed to stay above the 0.0850BTC resistance level. It started a new downward correction, and it may well test the 0.0820BTC support.
Starting with the 30-minute chart of ETH/USD, the pair traded as high as $722.63 before facing selling interest. It started a downward move and corrected below the $710.00 level.
However, declines were protected by the $702.00 and $705.00 support levels (previous resistances). On the upside, there is a short-term bearish trendline forming with resistance at $715.00 on the same chart.
Therefore, it seems like the price is approaching the next break either above $715.00 or below $702.00. Above $715.00, the price might even clear the $720.00 resistance. On the flip side, a break below $700.00 may turn the bias in favor of sellers.
Moving up to the 2-hour chart of ETH/USD, the pair was trying to hold a crucial bullish trendline with support above $705.00. Should there be a 2-hour close below the trendline support, the price possibly will decline toward the next support at $680.00.
To the topside, two key barriers for buyers are at $720.00 and $740.00. Any subsequent move beyond the latter has the potential to continue lifting Ether’s price further toward reclaiming the $760.00 resistance.