Technically, the 2-hour chart indicators are placed nicely in the bullish territory.
Ether Price Analysis
Yesterday, we discussed a major breakout pattern with resistance near $610.00 and support around $600.00. During the past three sessions, there was no crucial break and the price was confined in a range below the $610.00 and $615.00 resistance levels.
Similarly, ETH/BTC did not move above the 0.0800BTC resistance. The pair is currently consolidating with a key resistance at 0.0800BTC and support near 0.0780BTC.
Starting with the 30-minute chart of ETH/USD, the pair dipped toward the $605.00 level where buyers appeared. The downside move was protected by the 50 percent Fibonacci retracement level of the last wave from the $593.18 low to $615.89 high.
It seems like there is a strong horizontal support forming around a bullish trendline and $605.00. On the upside, there is a key connecting bearish trendline with resistance at $610.00.
Therefore, a break and close either above $610.00 or below $605.00 could trigger the next move in Ether. A similar pattern is visible on the 2-hour chart of ETH/USD. There is a major contracting triangle forming with resistance near $615.00 and support at $605.00.
A successful 30-minute close above $610.00 followed by a 2-hour close above $615.00 may perhaps initiate the next rally in Ether’s price.
Above $615.00, the next resistance is around the recent high at $628.00. However, a bullish breakout in the upcoming sessions might place the price on a path toward $650.00.
The overall market sentiment is positive as long as Ether stays above the $605.00 and $600.00 support levels. If not, the price will most likely retest the $575.00 support.