Technically, the 30-min indicators are correcting extreme overbought levels.
Ether Price Important Trend Line Support
Ether’s stance remains bullish in the near term versus all majors like the US Dollar and Bitcoin. The recent continuous gains in both ETH/USD and ETH/BTC is a great signal for buyers looking to take Ether price to new highs.
The ETH/USD pair recently broke a major hurdle at $349.00-350.00, which opened the doors for $30.00-50.00 ride. The pair took out a monster resistance at $400.00 to trade at a new all-time high of $414.66.
Later, a correction wave was initiated, as the pair moved below the 23.6% Fibonacci retracement level of the last wave from the $338.00 low to $414.00 high.
There was a test of the $360.00 level where a bullish trend line on the 30-min chart prevented downsides. Furthermore, the 61.8% Fibonacci retracement level of the last wave from the $338.00 low to $414.00 high acted as a short-term support.
A crucial support rests at $350.00 in the form of a resistance. Ether price is once again moving higher and looking to settle above $400.00. It won’t be easy, but considering the current momentum, there is even a possibility of a new high above $420.00 during the upcoming sessions.
Looking at the 2-hour chart, the current candle formation is a half bearish outside pattern, which might produce short-term declines.
A lot depends on a close above $390.00. Should it materialize, ETH/USD may look to extend gains above $400.00 in the near term.
To sum it up, ETH/USD may surprise sellers, and if the present sentiment remains for extended time, $500.00 ETH could be in the cards.