Technically, the hourly chart indicators are flat in the bullish territory.
Ether Price Analysis
The past few sessions were mostly quiet as ETH/USD consolidated in a tight range below the $585.00 resistance. Many rejections around the $570.00 and $565.00 supports suggest that there's room for a rally toward $620.00, with a huge psychological resistance in the way at $600.00.
ETH/BTC is trading nicely in a bullish zone above the 0.0750BTC support. However, the pair has to move past 0.0800BTC to trade higher in the near term.
Looking at the 6-hour chart of ETH/USD, the pair started an upward move after forming a base above $500.00. It broke a key bearish trendline with resistance at $545.00, opening the door for further gains.
However, Ether struggled to break the 38.2 percent Fibonacci retracement level of the last decline from the $722.63 high to $505.69 low. The price settled above the $550.00 pivot level and started consolidating in a range.
The current price action on the 6-hour chart is positive as long as Ether’s price is above $550.00. Below this, the price could move back in a bearish zone toward $520.00 and $505.00.
Dropping down to the hourly chart of ETH/USD, there is a connecting bullish trendline and a horizontal support formed above $565.00. A bearish break below this may well push the price toward the $550.00 pivot level.
To the topside, we are waiting for a sustained upward break above the all-important $585.00 resistance, above which the price will most likely accelerate gains toward $600.00 and $620.00 in the near term.