Technically, the 6-hour chart indicators are about to move back into the bullish territory.
Ether Price Analysis
Yesterday, we discussed how the next move in ETH/USD depends on whether it stays above the $575.00 support. The pair held the support and recovered nicely above the $592.00 and $600.00 resistance levels.
ETH/USD stayed in a range below the 0.0800BTC resistance. There is a convergence forming on the hourly chart, suggesting an upside break above 0.0800BTC and 0.0820BTC.
Looking at the 2-hour chart of ETH/USD, there was a good recovery from the $575.00 support. The price traded higher and broke a few key hurdles, including $600.00. There was also a break above the 50 percent Fibonacci retracement level of the last drop from the $628.21 high to $576.45 low.
However, the upward wave was capped by a bearish trendline with current resistance at $612.00. It seems like the price is consolidating gains above the $600.00 level while it prepares for the next break.
Ether buyers need to gain momentum to surpass the trendline resistance and push the price toward the recent swing high at $628.21. Above this, there could be further gains toward the $650.00 level.
Moving up to the 6-hour chart of ETH/USD, there is a crucial breakout pattern forming with resistance near $610.00 and support at $600.00. Should there be a bullish break and a daily close above $610.00, the price may perhaps surge toward $650.00.
However, a bearish break below $600.00 may possibly push the price back toward the $575.00 and $550.00 support levels in the near term.