Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
There was yet another attempt to break the all-important $585.00 resistance. ETH/USD did manage to push past it, but failed to hold gains and topped at $589.21.
On the other hand, ETH/BTC is slowly rising and it may perhaps test the 0.0800BTC resistance, above which, the pair could revisit 0.0820BTC.
Starting with the 30-minute chart of ETH/USD, the pair is trading nicely above the $570.00 and $565.00 support levels. On the upside, Ether buyers are struggling to clear the $585.00 resistance zone. A few swing highs formed near $584.00, $585.00, and $589.00, but there was no clear bullish break.
The chart indicates that the price is consolidating above the $565.00 support and it is preparing for the next wave. Moving up to the 2-hour chart of ETH/USD, there is a crucial bullish trendline in place with support at $570.00.
Should there be a break and 2-hour close below $570.00, the price could retest the $540.00 support. An intermediate support sits around the 50 percent Fibonacci retracement level of the last wave from the $505.69 high to $589.21 high at $547.00.
A 2-hour close above $585.00 is needed for further gains toward $600.00, $605.00, and $620.00. Therefore, it seems like there is a significant breakout pattern formed with support at $570.00 and resistance near $585.00.
To sum up, the forthcoming sessions could provide us the next major break in Ether. The overall market sentiment is favoring an upside break as long as the price is above $565.00, but failure to surpass $585.00 might spark a temporary bearish slump.