Technically, the hourly chart indicators are moving higher in the bullish territory.
Ether Price Analysis
Yesterday, there was a short-term downward move below the $600.00 support. ETH/USD tested the $590.00 support zone and it later started forming a base for a recovery.
On the flip side, upsides in ETH/BTC are still capped by 0.0800BTC resistance. The pair may continue to trade in a range before the next move either above 0.0800BTC or below 0.0780BTC.
Starting with the hourly chart of ETH/USD, the pair dipped toward the lower end of a range ($575.00-$615.00). It tested the $590.00 support zone, traded as low as $592.91, and later started an upward move.
The price bounced back above the $600.00 resistance and a short-term connecting bearish trendline on the same chart. Moreover, there was a close above the 50 percent Fibonacci retracement level of the last decline from the $615.89 high to $592.91 low.
It seems like Ether’s price could retest the range resistance near $610.00 and $615.00. Any further gains require an increase in buying sentiment and trading volumes. The next major hurdles on the upside are at $628.00, $635.00, and $650.00.
On the downside, an initial support is at $605.00, below which the $600.00 pivot level could be tested. Any further declines may possibly push the price back toward the $590.00 range support.
Moving up to the 6-hour chart of ETH/USD, there is a new breakout pattern forming with support at $595.00 and resistance near $608.00. The price is approaching the next break, but momentum might play a crucial role for a substantial move.
To sum up, Ether continues to trade in a range and is preparing for the next important ride toward $650.00 or $550.00.