Technically, the 2-hour chart indicators are about to move back in the bullish territory.
Ether Price Analysis
The past two sessions were very positive for ETH/USD. The pair formed a solid support base around the $505.00 level and started a sharp upward wave.
Similarly, there was an improvement in buying sentiment for ETH/BTC, resulting in a bullish push above the 0.0750BTC resistance. However, the pair then slid back slightly.
Starting with the 30-minute chart of ETH/USD, there is a double bottom pattern visible near the $505.00 support. The pair started an upward wave and broke a contracting triangle with resistance at $522.00.
It opened the doors for more gains and the price moved above the 50 percent Fibonacci retracement level of the last decline from the $574.44 high to $505.69 low. More importantly, Ether’s price successfully moved above the $540.00 and $550.00 resistance levels.
Looking at the 2-hour chart of ETH/USD, the last two candles are signaling a rejection pattern. However, the pair is currently facing a crucial resistance near $570.00. Should the price move past $570.00, there could soon be a test of the $600.00 handle.
Conversely, the price may possibly correct a few points toward the broken resistances at $550.00 and $540.00, which are likely to act as supports. A successful daily close above the $550.00 pivot level will most likely increase the chances of more upsides in Ether during the following days.
Overall, the current price action indicates a positive bias above $540.00, with resistances at $565.00, $570.00, and $600.00.