Technically, the 2-hour chart indicators bounced back sharply from the oversold levels.
Ether Price Analysis
Yesterday, we saw positive moves and a base formation near $550.00 on the 30-minute chart of ETH/USD. The pair started an upward move and traded higher by more than $50.00.
Similarly, ETH/BTC completed a bearish wave and moved above the 0.0800BTC resistance. It could continue to move higher in the short term toward the 0.0820BTC resistance.
Starting with the 12-hour chart of ETH/USD, the pair topped out at $722.63 on May 21, 2018, and came under heavy selling pressure. It declined sharply with seven back-to-back bearish candles and settled below a crucial support at $650.00.
The price even traded below $600.00 and tested the $550.00 support. A short-term bottom was formed at $543.48, followed by a solid 12-hour bullish candle, indicating the importance of the $550.00 support.
Ether climbed higher and broke the 23.6 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low. The price even moved above $600.00, but it faced a strong selling interest near a bearish trendline at $615.00 on the 2-hour chart.
The same chart suggests that the price has to move above the trendline resistance at $610.00 to recover further. A successful close above the trendline will most likely open the doors for a crucial test near $650.00.
An intermediate resistance is near $635.00 and the 50 Fibonacci retracement level of the last drop from the $722.63 high to $543.48 low.
The current price structure is positive on the 2-hour chart, but a failure to break the $610.00 resistance may result in yet another bearish reaction.