Technically, the 12-hour chart indicators are currently near midlines in the bearish territory.
Ether Price Weekly Analysis
The past few days were mostly positive as ETH/USD broke the $540.00 resistance and settled above the $550.00 pivot level. Yesterday, the pair even broke the $585.00 resistance and traded close to the $600.00 barrier.
After trading above the 0.0800BTC level, ETH/BTC corrected lower and tested the 0.0720BTC support. Later, it started a fresh upside move and is currently trading nicely above the 0.0750BTC level. Resistances on the upside are at 0.0800BTC and 0.0820BTC.
Let’s look at the 12-hour chart of ETH/USD to understand the current price action from the $505.69 monthly low. The pair started an upward move and traded above the $520.00 and $540.00 resistance levels.
More importantly, Ether’s price climbed above the $550.00 pivot level to move into a short-term bullish zone. Later, the price was seen struggling to clear the 23.6 percent Fibonacci retracement level of the last drop from the $833.91 high to $505.69 low near $582.00.
Finally, Ether buyers succeeded in breaking the $582.00 and $585.00 resistance levels and the price tested the $600.00 psychological level. To the topside, there is an important bearish trendline in place with resistance near $625.00. Above this, there is a horizontal resistance at $540.00, which may well act as a significant hurdle for more gains.
An intermediate resistance is near the 38.2 percent Fibonacci retracement level of the last drop from the $833.91 high to $505.69 low at $630.00. Therefore, there are many key resistances on the way up to $640.00.
Dropping down to the 2-hour chart of ETH/USD, there is a short-term connecting bullish trendline with support at $575.00. Above this, the previous resistance at $585.00 may perhaps act as a support.
To sum up, the current technical structure is positive above $575.00. Ether’s price must break the $600.00 barrier to test the next crucial hurdle at $640.00 in the coming days.