Technically, the 2-hour chart indicators have moved into the bullish territory.
Ether Price Analysis
Yesterday, we noted that a successful daily close above the $550.00 pivot could advance the price of Ether. The pair did close above $550.00 and traded above the $570.00 resistance level.
On the other hand, ETH/BTC remained in a range around the 0.0750BTC support. There was a push toward 0.0770BTC, but buyers failed to gain bullish momentum.
Looking at the 6-hour chart of ETH/USD, the pair started a decent upward move after it formed a base at $505.00. It broke a key bearish trendline with resistance at $550.00 to move into a bullish zone. Additionally, Ether’s price settled above the 23.6 percent Fibonacci retracement level of the last drop from the $722.63 high to $505.669 low, which is a positive sign.
However, the upside move was capped by the 38.2 percent Fibonacci retracement level of that drop, near $585.00-587.00. Moreover, there is a new connecting bearish trendline forming with resistance at $580.00 on the 2-hour chart of ETH/USD.
A successful break above the trendline resistance and the recent high at $585.02 could clear the path for further recoveries in Ether. To the topside, the next major hurdle for buyers is near $600.00 and $605.00.
Further above $605.00, the price may perhaps surge toward the $650.00 resistance. But a sustained weakness below the $550.00 support could pave the way for an extension of ETH/USD's corrective slide toward the $540.00 level.